RestorGenex Corporation announced it has closed its private placement, which raised an estimated $35.6 million in gross proceeds.
After accounting for agent fees and other offering expenses, the company netted approximately $31.3 million, according to a RestorGenex press release.
The company sold 8,895,685 shares of common stock and warrants to purchase up to 2,668,706 additional shares of its common stock in a private placement to institutional and accredited investors. Each unit, which comprises one share of common stock and a warrant to purchase 0.3 of a share of common stock, was sold for $4.00.
As a result of the closing, RestorGenex reported it has approximately 18.4 million shares of common stock and 24.5 million fully diluted shares outstanding.
“We intend to use the proceeds to continue the development of our proprietary dermatology, ophthalmology and women’s health portfolio products, as well as to explore our other portfolio products and technologies, for working capital and other general purposes,” Stephen M. Simes, RestorGenex CEO, said in the press release.