CorMedix (CRMD): Final Closing of 2012 Financing
11/15/2012 9:56:50 AM
BRIDGEWATER, N.J.--(BUSINESS WIRE)--CorMedix Inc. (“CorMedix”) (NYSE Amex: CRMD), a pharmaceutical company focused on developing and commercializing therapeutic products for the prevention and treatment of cardiorenal disease, held the second and final closing of its 2012 private placement of Units consisting of (i) a one-year $1,000 aggregate principal amount 9% Senior Convertible Note, convertible into shares of common stock, par value $0.001 per share, at a conversion price of $0.35 per Note, and (ii) a five-year redeemable Warrant, to purchase 2,500 shares of Common Stock, to certain accredited investors pursuant to a Subscription Agreement. At the second closing, held on November 13, 2012, the Company issued and sold 474 Units for gross proceeds of $474,000. Combined with the initial closing, held on September 20, 2012, in which the Company issued and sold 850 Units for gross proceeds of $850,000, the Company received an aggregate total of $1,324,000 in gross proceeds from the 2012 financing. Proceeds from the 2012 financing will be used by the Company for marketing, manufacturing, rent and utilities, licensing obligations, payroll and working capital and, general corporate purposes.