The private placement consisted of 10,660,705 units, each unit consisting of one share of the company’s common stock and one two-year stock purchase warrant to purchase an additional share of stock at a price of $0.55 per share (series C Warrants). The unit price was $0.425.
The company intends to use net proceeds from the private placement for general corporate purposes. To the extent that the warrants are exercised, HepaLife could receive an additional maximum amount of approximately $5.8 million, the proceeds of which, if any, will be used for working capital purposes.