Growth Capitalist (https://growthcapitalist.com/category/premium-articles/markets/page/51/)
Macro-market developments affecting capital formation by pre-IPO private and public emerging growth companies
Bank of Virginia (BOVA) announced a Rights Offering transaction of up to $2 million. The Total Rights Offered is 2,798,882 at $0.72 per share, an approximate 30% discount to the market price ($1.03) of BOVA at deal announcement. The Rights Record Date is August 20, 2012. The Rights Offering Ratio is 0.6149. Issuer counsel was Williams Mullen, and investor counsel was Kilpatrick Townsend & Stockton LLP.
Axion International Holdings (AXIH) announced that it has raised $5 million in a Convertible Promissory Notes transaction. The fixed conversion price of the Convertible Promissory Notes is $0.40 per share, the market price of AXIH at deal announcement. This transaction was completed without an agent and the investors include MLTM Lending. Issuer counsel was Greenberg Traurig. A total of $10,128,520 was originally sold in this Placement, $5,128,520 of which was funded through the conversion of outstanding debt.
Research Frontiers (REFR) announced that it has raised $5.64 million in a CMPO/Overnight transaction. The common stock was sold at $2.97 per share, an approximate 4% premium to the market price ($2.85) of REFR at deal announcement. A series of 380,000 60-Month Warrants with an exercise price of $4.45 per share (56.03% premium) was issued to the investors in this transaction. Craig-Hallum Capital Group acted as the exclusive agent on the transaction. Placement Agent counsel was Faegre Baker Daniels and issuer counsel was Duane Morris.
ChinaCast Education Corp. (CAST) announced that it has raised $2.15 million in a Non-Convertible Debentures transaction. The securities accrue interest at a rate of 20%. A series of 2.15 million 60-Month Warrants with an exercise price of $0.40 per share (38.46% discount) was issued to the investors in this transaction, which was completed without an agent. Investors included Fir Tree Master Value Fund, AWM Investment Management, Ashford Capital Management and Park Financial Corp.
