June 21, 1999 20:24
BRITESMILE INC rpts important event, financial statements & exhibits.
Excerpted from 8-K filed on 06/21 by BRITESMILE INC: BRITESMILE INC rpts important event, financial statements & exhibits.
ITEM 5. OTHER EVENTS
Effective June 4, 1999, the Registrant issued and sold in a private placement 1,355,555 shares (the "New Shares") of its Common Stock, par value $.001 per share, for aggregate proceeds of $15,000,000 (the "Private Placement"). The New Shares represent 7.3 percent of the Registrant's total shares of Common Stock issued and outstanding, after giving effect to the Private Placement. 1,004,043 of the New Shares were issued to nine private investors for aggregate proceeds of $11,120,000, including LCO Investments Limited ("LCO"), the Registrant's largest shareholder. The remaining New Shares (351,512)were sold to a group of up to 18 members of senior management of the Registrant, including directors and executive officers (the "Management Purchasers") for aggregate consideration of $3,880,000 (the "Management Purchasers Purchase Price"). The purchase price of the New Shares was $10.95 per share, representing a 5% discount to the average closing price of the Registrant's Common Stock during the 10-day period immediately prior to closing. However, four of the purchasers, including three non-employee directors of the Registrant and LCO, purchased the New Shares without a discount to the 10-day average closing price, or at $11.525 per share.
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