THK completed three private placements in 2004, selling 8,068,563 shares and raising gross proceeds in excess of $22 million.
On March 9, 2004, we completed a private placement of common stock. We sold a total of 1,718,750 shares of our common stock to a group of accredited investors at a price of $1.60 per share, resulting in gross proceeds of $2.75 million. No fees or warrants were paid or issued by us.
On August 19, 2004 we completed a private placement of 2,049,813 shares of our common stock at a price of $2.05 per share, to a group of accredited investors resulting in gross proceeds of $4,202,104. We also granted the purchasers warrants to purchase 512,457 shares of our common stock at an exercise price of $2.05 per share. In addition, the Company issued 130,000 shares of its common stock valued at $266,500 for services in connection with this placement.
On December 6, 2004, we completed an offering of 4.3 million units at $3.50 per unit, with each unit comprised of one share of common stock, par value $0.001 per share and one warrant to purchase 0.55 share of common stock resulting in gross proceeds of $15,050,000. Potential shares issuable under the warrants are 2,365,000. Such warrants have a term of three years. In addition, the Company issued 161,429 warrants for the purchase of the Company's common stock with an exercise price of $4.12 per share and a term of three years.
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