RenovaCare announced that it has entered into definitive agreements with investors to purchase an aggregate of approximately 915,000 shares of common stock in a registered direct offering and common stock purchase warrants in a concurrent private placement.
NEW YORK & PITTSBURGH & BERLIN–RenovaCare, Inc., (OTCQB:RCAR), developer of the SkinGun™ and CellMist™ System for isolating and spraying a patient’s own stem cells onto burns and wounds for rapid self-healing, today announced that it has entered into definitive agreements with investors to purchase an aggregate of approximately 915,000 shares of common stock in a registered direct offering and common stock purchase warrants in a concurrent private placement.
The offerings are expected to yield total gross proceeds of approximately $2.3 million before deducting estimated offering expenses. The Company intends to use the net proceeds from the offering for working capital and other general corporate purposes. The closing of the offerings took place on October 16, 2017, subject to the satisfaction of customary closing conditions. The offerings were conducted directly by the Company without the assistance of placement agents.
This registered offering is being made pursuant to an effective shelf registration statement (No. 333-217499) previously filed with and declared effective by the U.S. Securities and Exchange Commission (the “SEC”). A prospectus supplement and accompanying base prospectus describing the terms of the offering will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov. Copies of the prospectus supplement and the accompanying base prospectus relating to this offering may be obtained, when available, from the Company via telephone at (888) 398-0202 or email: info@renovacareinc.com.
The unregistered warrants were offered pursuant to the exemption from registration afforded by Section 4(a)(2) under the Securities Act of 1933, as amended (the “Act”), and Regulations D and S promulgated thereunder. Such warrants and the common shares issuable upon exercise of such warrants have not been registered under the Act, and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from such registration requirements.
