ULURU (ULU) Closes 5M Common Private Placement
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ULURU Inc. (AMEX: ULU) announced the completion of a definitive agreement to sell 5,000,000 shares of its common stock at a price per share of $0.40 pursuant to a previously announced private placement offering to a strategic investor, resulting in gross proceeds of $2,000,000. ULURU Inc. plans to use the proceeds from the offering for research and development and general corporate purposes.
The investor will also receive a warrant to purchase up to 3,000,000 shares of ULURU Inc.'s common stock. The warrants have an exercise price of $0.60 per share and are exercisable at any time on or after 180 days from the closing date and for a period of one year from the date of closing.
Under the terms of the definitive agreement, the purchase and sale of the shares and warrants will take place at four closings over the next twelve months, with $400,000 being funded upon signing of the definitive agreement.
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The investor will also receive a warrant to purchase up to 3,000,000 shares of ULURU Inc.'s common stock. The warrants have an exercise price of $0.60 per share and are exercisable at any time on or after 180 days from the closing date and for a period of one year from the date of closing.
Under the terms of the definitive agreement, the purchase and sale of the shares and warrants will take place at four closings over the next twelve months, with $400,000 being funded upon signing of the definitive agreement.
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