XTL Biopharmaceuticals announces $2.5M registered direct offering
XTL Biopharmaceuticals announced that it has entered into definitive agreements with institutional investors to receive gross proceeds of $2.5M. In connection with the offering, the company will issue 1M registered American Depository Shares at a purchase price of $2.50 per ADS in a registered direct offering. Additionally, for each ADS purchased by investors, the investors will receive an unregistered warrant to purchase one ADS. The warrants have an exercise price of $4.10 per ADS, shall be exercisable six months following the issuance date and will expire five and one-half years from the issuance date. The closing of the offering is expected to take place on or about February 23. Rodman & Renshaw, a unit of H.C. Wainwright & Co., is acting as the exclusive placement agent.