NEW YORK, Jan. 23 /PRNewswire-FirstCall/ -- Organetix, Inc. has today announced that the Company has completed a $310,000 equity private placement financing. Proceeds from this private placement will be used to complete the pending transaction with Florida based Seafarer Exploration, Inc. ("Seafarer"). 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.
The terms of this private placement were as follows: Restricted shares were purchased from the Company at a price of 0.075 cents per share, with 1/2 warrant (50% coverage) at a strike price of 15 cents per share. The warrants expire after 12 months, at close of business on January 31, 2009. There have been no registration rights offered in conjunction with this private placement.
Organetix CEO Seth M. Shaw commented, "I am extremely appreciative and grateful to our shareholders for investing additional capital into the Company at this time. 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 a Definitive Share Exchange agreement. I am very excited about the future of this Company and the potential upside the lies ahead for shareholders, once the transaction is complete."
About Organetix, Inc.
Organetix, Inc. has defined its short- term strategy as evaluating potential acquisition candidates to both restore and create shareholder value.
About Seafarer Exploration, Inc.
Seafarer Exploration, Inc. ("Seafarer") is engaged in the exploration and salvaging of a potentially high value shipwreck off the Eastern coast of Florida. The target is in an area with close proximity to Florida's historic Treasure Coast.
This disclosure should in no way be construed as a solicitation or offering of securities to the public, on behalf of the Company.
This press release may include certain statements that are not descriptions of historical facts, but are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may include the description of our plans and objectives for future operations, assumptions underlying such plans and objectives, statements regarding benefits of the proposed acquisition and other forward-looking terminology such as "may," "expects," "believes," "anticipates," "intends," "projects" or similar terms, variations of such terms or the negative of such terms. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. Such information is based upon various assumptions made by, and expectations of, our management that were reasonable when made but may prove to be incorrect. All of such assumptions are inherently subject to significant economic and competitive uncertainties and contingencies beyond our control and upon assumptions with respect to the future business decisions which are subject to change. Accordingly, there can be no assurance that actual results will meet expectations and actual results may vary (perhaps materially) from certain of the results anticipated herein.
CONTACT: Mr. Seth M. Shaw, President & CEO, Organetix, Inc., Cell