California Micro Completes Private Placement
California Micro Devices Corp. (Milpitas, CA) announced that it has received approximately $700,000 of previously committed additional investment, completing the private placement the company had previously disclosed. Including the additional funds, the total transaction involved the sale of approximately 1.52 million common shares at $3.40 per share primarily to institutional investors.
Investors also received approximately 380,000 three-year warrants to purchase common stock with an exercise price of $4.36. Several company directors participated in the transaction whose proceeds will be used for working capital and to reduce short-term debt.