CorMedix: Initial Close on Financing and Extension Granted to Regain Compliance With NYSE AMEX Listing Standards
Published: Sep 26, 2012
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 initial financial closing on September 20, 2012, of its 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. The Units are being offered on a “reasonable efforts, all-or-none” basis as to 500 Units for a minimum amount of $500,000, and, thereafter on a “reasonable efforts” basis as to the remaining 2,500 Units for a maximum amount of $3,000,000. At the initial closing, the Company sold 850 Units for a total gross amount of $850,000. After the initial closing, the Company may sell up to the Maximum Amount and further closings may be conducted for the sale of the Units until November 14, 2012. Proceeds from the 2012 Offering will be used by the Company for marketing, manufacturing, rent and utilities, licensing obligations, payroll and working capital and general corporate purposes. “We are happy to announce the initial closing mainly through our management, directors and existing shareholders,” said Rich Cohen, Interim CEO and Interim CFO.