eMagin Corporation announces completion of a $1.7 million private placement of its common stock and warrants with both new and existing institutional investors. The net proceeds from the financing will be used to provide working capital.
Under the agreements, investors agreed to purchase 1,586,539 shares of common stock at a price of $1.04 per share and warrants to purchase 793,273 shares of common stock at an exercise price of $1.30 per share with the warrants expiring April 2, 2013.
We are pleased to receive the support of both existing and new investors," said Admiral Thomas Paulson, eMagin’s interim chief executive officer. "These funds will not only help to support our balance sheet, but will also allow us to undertake capital expenditures on our production line to support our efforts to increase revenues and meet expected demand this year and enhance the introduction of new products that will drive our growth in the years to come.
Posted: Apr 06,2008 by Ron Mertens
