Merge Healthcare (MRGE) announced a definitive agreements to raise up to $27.3 million in gross proceeds, before deducting placement agent fees and other estimated offering expenses, in a registered direct offering with select institutional investors. The transaction is expected to close on November 18. The offering consists of the sale and issuance of up to about 9.08 million shares of the company's common stock at a purchase price of $3.00 per share.
Merge plans to use the net proceeds from this offering to prepay in full its senior secured note held by Merrick RIS, L.L.C. due June 2010 and for general corporate purposes.
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