The warrants to purchase additional shares will be exercisable at a
price of $7.55 per share beginning six months after issuance and will
expire 90 days from the date they are first exercisable. All of the
securities were offered pursuant to an effective shelf registration
statement. Proceeds from the transaction will be used for general
corporate purposes.
The offering is expected to be finalized no later than September 21 subject to customary closing conditions.
New York, NY-based Rodman & Renshaw LLC, a subsidiary of Rodman & Renshaw Capital Group Inc., acted as the exclusive placement agent for the transaction.