Pressure cycling technology provider to the life science industry Pressure BioSciences (OTCMKTS:PBIO), said on Tuesday it has closed the first tranche of the over-subscription amount of its $5mln Private Placement.
This follows the receipt of $550,000 in gross proceeds from the sixth overall closing of the offering. This closing increased the total amount raised in the offering to $5.56mln.
The initial terms of the offering limited the amount that could be raised to $6.25mln ($5mln plus a $1.25mln over-subscription amount).
The Company recently approved an increase in the over-subscription amount to $2.5mln, which increased the capacity of the offering to a maximum of $7.5mln. Following the sixth closing, $1.94mln remains available in the offering.
The company will issue senior secured convertible debentures with a fixed conversion price of $0.28 per restricted common share, and common stock purchase warrants exercisable into shares of restricted common stock at an exercise price of $0.40 per share.
On Tuesday, Pressure BioSciences shares were up 5.4% at $0.35.