AMDL Inc. Announces First Closing of Private Placement of 12% Series Two Senior Notes
07 May 2009 - 5:51AM
PR Newswire (US)
TUSTIN, Calif., May 6 /PRNewswire-FirstCall/ -- AMDL Inc. (NYSE
Alternext US: ADL), a US-based pharmaceutical company with major
operations in China, announced today the first closing of a private
placement offering of "units" consisting of 12% Series 2 Senior
Notes and warrants. The Company expects to complete the second
closing at the end of May, 2009. The exclusive placement agent for
the offering is Cantone Research Inc. In the first closing on May
4, 2009, AMDL sold $1,327,250.00 of 12% Series 2 Senior Notes at
par value and issued warrants to purchase an aggregate of 2,123,600
shares of common stock (1,600 warrants for each $1,000 principal
amount of Series 2 Senior Notes). The Notes mature at 36 months
from the date of issuance. The warrants included in the units in
the offering have a term of five years from the date of issuance
and are exercisable at a price equal to $0.98 per share. The terms
of the offering provide the exercise price of the warrants are
equal to the 115% of the five day volume average weighted price
(VWAP) of the Company's common stock prior to the closing date. In
the first closing, Cantone Research Inc. and all participating
brokers received aggregate cash commissions of $132,725.00,
representing 10% of the principal amount of the 12% Series 2 Senior
Notes purchased, $39,817.50 in non-accountable expenses, and
Cantone Research Inc. received five year warrants to purchase a
total of 212,360 shares of common stock (of which warrants to
purchase 54,472 shares were assigned to Galileo Asset Management
S.A. and warrants to purchase 6,000 shares were assigned to
Securities Research Associates for their services). Mr. Douglas
MacLellan, Chairman and CEO of AMDL Inc., said, "AMDL continues to
pursue an aggressive business growth and expansion strategy in 2009
and we are diligently working to secure sufficient working capital
that will enable us to successfully execute on that plan. This
includes pursuing additional financing opportunities both
domestically and in China. "The proceeds from this private
placement will be used to finance our short term working capital
needs." This press release does not constitute an offer or
solicitation to sell or purchase any of the Company's securities.
Any of the Company's securities offered will not be registered
under the Securities Act of 1933, as amended (the "Securities
Act"), and may not be offered or sold in the United States unless
registered under the Securities Act upon applicable exemptions from
registration under the Securities Act. For additional information
on AMDL, its portfolio of international health and beauty products,
and 2009 business strategy, visit the Company's website at
http://www.amdl.com/ or contact AMDL Investor Relations at . About
AMDL: Headquartered in Tustin, CA with operations in China, AMDL
Inc., along with its subsidiary Jade Pharmaceutical Inc. (JPI), is
a pharmaceutical company devoted to the research, development,
manufacturing, and marketing of diagnostic, pharmaceutical,
nutritional supplement, and cosmetic products. The Company employs
over 500 people in the US and China. About Cantone Research Inc.:
Headquartered in Tinton Falls, New Jersey, Cantone Research Inc. is
a small cap Research boutique that offers a value-oriented,
diversified portfolio of small cap stocks. These stocks are
generally those with a broadly characterized market capitalization
of $500 million or less. For more information or to contact Cantone
Research at 1.888.CAN.TONE x116 or 1.732.450.3500 x116. Forward
Looking Statements: Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995: The statements contained
in this document include certain predictions and projections that
may be considered forward-looking statements under securities law.
These statements involve a number of important risks and
uncertainties that could cause actual results to differ materially
including, but not limited to, the performance of joint venture
partners, as well as other economic, competitive and technological
factors involving the Company's operations, markets, services,
products, and prices. With respect to AMDL Inc., except for the
historical information contained herein, the matters discussed in
this document are forward-looking statements involving risks and
uncertainties that could cause actual results to differ materially
from those in such forward-looking statements. AMDL Contact:
Kristine Szarkowitz Director-Investor Relations (Tel :)
206.310.5323 DATASOURCE: AMDL Inc. CONTACT: Kristine Szarkowitz,
Director-Investor Relations of AMDL Inc., +1-206-310-5323, Web
Site: http://www.amdl.com/
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