Amarin Corporation (AMRN) Announces $70M Private Placement
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Amarin Corporation plc (NASDAQ: AMRN) entered into a definitive agreement with several existing and new institutional and accredited investors for a $70 million private placement.
The private placement of units for $70 million consists of $66.4 million in cash proceeds and $3.6 million from the conversion of convertible bridge notes. In consideration for the $66.4 million received in cash, Amarin will issue 66.4 million units. Each unit has a purchase price of $1.00 and consists of one American Depositary Share ("ADS") and a warrant to purchase 0.50 of an ADS. The warrants will have a five year term and an exercise price of $1.50 per ADS. In consideration for the conversion of $3.6 million principal amount of convertible bridge notes, Amarin will issue 4.0 million units.
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