BOCA RATON, Fla., June 8, 2011 /PRNewswire/ — On June 7, 2011,
Vycor Medical, Inc. (“Vycor” or the “Company”) completed the
sale of $1,570,000 in Units comprising Preferred Shares and
Warrants (the “Units”) to accredited investors (the “Investors”).
The Units were issued pursuant to the terms of separate
Series C Convertible Preferred Stock Purchase Agreements between
the Company and each of the Investors. This sale is an initial
closing (the “Initial Closing”) under the Agreements which allow
for maximum proceeds of $3,000,000.
Each Unit was priced at $50,000 and comprised one share of
Series C Preferred Convertible Stock convertible (at the Holder’s
option or mandatorily upon the occurrence of certain events) into
2,222,222 shares of the Company’s Common Stock ($0.0225 per share)
and a Warrant to purchase 1,111,111 shares of the Company’s Common
Stock at $0.03 per share for a period of three years. A total
of 69,777,773 shares of Series C Convertible Preferred Stock and
Warrants to purchase 34,888,890 shares of the Company’s Common
Stock were issued in the offering. The proceeds of the sale
of the Units will be used for working capital and general corporate
purposes. A portion of the proceeds is earmarked for the cost
of investor relations.
14.40 Units were sold in the offering by a placement agent and
the Company directly sold an additional 17.00 Units to
Investors.
About Vycor Medical, Inc.
With corporate headquarters in Boca Raton, FL, Vycor Medical,
Inc. (VYCO.BB) is a medical device company committed to making
neurological brain, spinal and other surgical procedures safer and
more effective. The company’s flagship, Patent Pending
ViewSite™ Surgical Access Systems represent an exciting new
minimally invasive access and retraction system that holds the
potential for speedier, safer and more economical brain, spinal and
other surgeries and a quicker patient discharge.
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