Under terms of the previously executed memorandum of understanding (MOU) with Seafarer, Organetix is required to contribute a minimum of $150,000 and a maximum of $600,000 to the combined company. The final percentage ownerships of the combined company, will vary based upon the amount of cash contributed by Organetix shareholders.
Seth Shaw, CEO of Organetix, said: “This private placement enables Organetix to complete the pending transaction with Seafarer, under terms of the MOU. Both managements are working productively towards the execution of a definitive share exchange agreement.”