NEW YORK, Feb. 28, 2012 /PRNewswire/ -- PhotoVoltaic Solar Cells, Inc. (OTCBB: PVSO) ("PhotoVoltaic" or the "Company") announced today, that effective February 27, 2012, it completed a share exchange with MetaStat, Inc. (MetaStat"), a life science company focused on developing and commercializing proprietary clinical diagnostic tests that predict the probability of cancer metastasis, as well as companion therapeutics to prevent systemic metastasis. In connection with the transaction, PhotoVoltaic received 100% of the issued and outstanding shares of common stock of MetaStat, which became the wholly-owned operating subsidiary of the Company.
Simultaneous with the closing of the share exchange, the Company completed an initial closing of a private placement of its shares of common stock and warrants in the aggregate amount of $675,000 (the "Offering"). The Offering consisted of 675,000 shares of the Company's common stock, and 168,750 common stock purchase warrants with an exercise price of $1.40 per share. The Company plans to use the net proceeds to further its clinical programs and general working capital needs.
As a result of the share exchange and the private placement, the Company now has 19,884,422 shares of common stock issued and outstanding, 2,335,872 warrants outstanding with exercise prices ranging between $0.68 and $1.40, and 1,116,500 stock options outstanding with an exercise price equal to $0.68 per share.
"The completion of this share exchange and private placement, marks a major milestone in the progression of MetaStat being able to commercialize its test for determining the probability of breast cancer metastasis," said Mr. Warren C. Lau, Chief Executive Officer and President of the Company. Mr. Lau continued "We now have approximately $2 million in cash which we believe is sufficient capital needed to complete the on-going Large Population Validation study of our MetaSite Breast™
SOURCE PhotoVoltaic Solar Cells, Inc.
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