MEMPHIS, Tenn., Jan. 22, 2013 (GLOBE NEWSWIRE) -- MRI Interventions, Inc. (OTCBB:MRIC) today announced it has entered into a definitive securities purchase agreement with a group of investors, including both new and existing investors, for the private placement of approximately 9.1 million shares of its common stock and warrants to purchase approximately 4.6 million shares of its common stock. With proceeds from the private placement, MRI Interventions will continue to expand its sales and marketing efforts for its ClearPoint ® Neuro Intervention System, a next generation platform for performing real-time, MRI-guided minimally invasive neurosurgery. The proceeds will strengthen the company's balance sheet and will enable the company to complete the commercial roll out of the ClearPoint system.
For each share being purchased, investors will receive a warrant to purchase one-half share of MRI Interventions' common stock. For each unit consisting of a share and warrant, the investors have agreed to pay a negotiated price of $1.20, which will result in gross proceeds to MRI Interventions of approximately $11.0 million, before deducting placement agents' fees and estimated offering expenses. The per share exercise price of the warrants will be $1.75, and the warrants will be exercisable for a five year period beginning on the original date of issuance. The private placement is expected to close on or about January 25, 2013, subject to customary closing conditions.
William Blair & Company, L.L.C. acted as lead placement agent, First Analysis Securities Corporation acted as co-lead placement agent, and Brookline Group LLC acted as co-placement agent, for the transaction.The securities offered and to be sold by MRI Interventions in the private placement have not been registered under the Securities Act of 1933 or state securities laws and may not be offered or sold in the United States absent registration with the U.S. Securities and Exchange Commission or an applicable exemption from such registration requirements. MRI Interventions has agreed to file a registration statement with the Securities and Exchange Commission covering the resale of the shares of common stock, including shares of common stock issuable upon exercise of the warrants, to be issued in the private placement. Any resale of MRI Interventions' securities under such resale registration statement will be made only by means of a prospectus.