NEW BRUNSWICK, N.J., July 10 /PRNewswire-FirstCall/ -- Senesco Technologies, Inc. ("Senesco" or the "Company") (NYSE Amex: SNT) today announced that, on July 9, 2009, the Company entered into a definitive purchase agreement with Partlet Holdings Ltd. for the issuance and sale of (i) up to 1,111,111 shares of its common stock (the "Shares") at a price of $0.90 per share, (ii) warrants to purchase an aggregate of up to 1,000,000 shares of common stock, which warrants are exercisable immediately at an exercise price of $0.01 per share (the "Partlet Series A Warrants") and (iii) warrants to purchase an aggregate of up to 2,055,555 shares of common stock, which warrants are exercisable 6 months from the date of issuance at an exercise price of $0.60 per share (the "Partlet Series B Warrants"). In connection with the private placement, the Company anticipates that it will receive aggregate proceeds in the amount of $1,000,000.
On July 9, 2009, the Company closed on $950,000 of aggregate proceeds of the private placement and, on that date, issued (i) a total of 1,055,555 shares (ii) a Partlet Series A Warrant to purchase 950,000 shares of the Company's common stock and (iii) a Partlet Series B Warrant to purchase 1,952,778 shares of the Company's common stock. The remaining $50,000 in proceeds cannot be closed upon until the Company receives stockholder approval for certain aspects of the transaction. Assuming all of the proceeds of the private placement can be closed upon, the Company anticipates it will receive gross proceeds equal to $1,000,000.
There are no registration rights associated with the securities sold in the private placement and no placement agent was used in connection with the private placement.
Senesco primarily intends to utilize the proceeds of this private placement as an initial st
|SOURCE Senesco Technologies, Inc.|
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