SAN DIEGO, June 24, 2011 (GLOBE NEWSWIRE) -- TearLab Corporation (Nasdaq:TEAR) (TSX:TLB) ("TearLab" or the "Company") today announced that it has entered into a definitive agreement with certain institutional investors and members of its Board of Directors in connection with a private placement of approximately 3.85 million units at a price of $1.82 per unit. Each unit shall consist of one share of common stock and a warrant to purchase one share of common stock at an exercise price of US$1.86 per share. Gross proceeds from the private placement will be US$7 million. The private placement is expected to close on or about June 29, 2011 and is subject to customary closing conditions, including acceptance and approval by the Toronto Stock Exchange.
