NORCROSS, Ga. & ANKARA, Turkey--(BUSINESS WIRE)--Guided Therapeutics, Inc. (OTCBB: GTHP) (OTCQB: GTHP) today announced that its Turkish distributor, ITEM Medical Technologies Group, referred to as ITEM, has committed to invest $200,000 in a private placement of Guided Therapeutics’ common stock.
Pursuant to the private placement, the Company will issue ITEM 651,042 shares of common stock priced at $0.3072 per share and a warrant to purchase an additional 325,521 shares. The warrants will have at issuance a five-year term, an exercise price per share of $0.4608, and be subject to a mandatory exercise provision should the average trading price of the Company’s common stock over any 30 consecutive day trading period exceed $0.9216. The Company expects to use the net proceeds from the private placement for efforts to achieve FDA approval for the Guided Therapeutics LuViva® Advanced Cervical Scan, to increase manufacturing and international sales of LuViva, to enhance the Company’s intellectual property portfolio, and other related corporate purposes.
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