BOSTON--(BUSINESS WIRE)--MetaStat, Inc. (OTCQB:MTST), a molecular diagnostic company focused on developing and commercializing epigenetic-based diagnostic tests for early and reliable prediction of systemic metastasis, has consummated an initial closing of $1.3 million in a private placement of up to $3.5 million of shares of its Series B Preferred Stock to institutional and accredited investors including certain members of the Company’s Board of Directors.
The price per share of Series B Preferred Stock was $0.55. The Company also issued an aggregate of 1,714,771 Series A Warrants having an exercise price per share of $0.70 and 455,000 Series B Warrants having an exercise price per share of $0.55. The Series A Warrants and the Series B Warrants expire on March 31, 2020. The Company has until March 31, 2015 to complete the private placement. Proceeds of the offering will be used for working capital and general corporate purposes.
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