Bovie Medical Corporation Announces $3 Million Private Placement
Bovie Medical Corporation (the “Company”) (AMEX:BVX) today announced it entered into a definitive agreement on April 18, 2010, to sell securities to institutional investors in a private placement for aggregate gross proceeds of approximately $3 million. The closing of the offering is subject to the satisfaction of customary closing conditions.
Under the terms of the offering, Bovie will sell 571,429 shares of common stock in the aggregate at a price of $5.25 per share. The purchasers will also receive warrants to purchase 285,714 shares of common stock in the aggregate which are exercisable immediately and have an exercise price of $6.00 per share and a term of 5 years. The exercise price of the warrants may be adjusted in the event of subsequent events, including stock splits and dividends and the issuance of securities at a price that is less than the exercise price of warrants then in effect. Net proceeds from the offering will be used for general working capital purposes. Bovie is required to file a resale registration statement within 30 days following the closing that covers the resale by the purchasers of the shares and the shares issuable upon exercise of the warrants.
Andrew Makrides, president of Bovie Medical, stated, “We believe the participation of institutional investors is evidence of the confidence the investment community has placed in our company, while strengthening our ability to develop and market our proprietary technologies for the medical industry.”
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