Senesco Announces Additional $1.0 Million Equity Financing
Senesco Technologies, Inc. (“Senesco” or the “Company”) (NYSE AMEX: SNT) announced today that it has entered into a securities purchase agreement to raise an additional $1.0 million in gross proceeds through the sale of 3,846,154 shares of its common stock. The investor will also receive 50% warrant coverage at an exercise price of $0.286 per share. The common stock and 50% warrant coverage (the “Unit”) was priced at $0.26 per Unit.
The follow-on to the January 2012 offering is expected to close on or about March 6, 2012. The net proceeds of the financing will be used primarily for working capital, research and development and general corporate purposes.
“We are very pleased that an investor in the previous round of financing in January 2012 wanted to invest additional funds that are now available,” said Leslie J. Browne, Ph.D., President and CEO of Senesco. “The result with this financing is that the January raise has rounded out at a total of approximately $3.0 million.”
The shares and warrants are being offered pursuant to a prospectus forming a part of the Company’s effective registration statement (File No. 333-170140) filed with the Securities and Exchange Commission (the “SEC”), a copy of which may be obtained, when available, at the SEC’s website at http://www.sec.gov.This press release does not and shall not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Additional terms of this offering (including the full terms and conditions of the securities purchase agreement and warrants) were disclosed on a Form 8-K filed with the SEC by Senesco simultaneously with this press release and will also be disclosed in the prospectus filed with the SEC in connection with this offering.
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