Full Press Release Details
MRI Interventions Announces $5.3 Million
IRVINE, CA, December 15, 2015 -
MRI Interventions, Inc. (OTCQB: MRIC) announced it has entered into a definitive securities purchase agreement with a group of
investors which will result in gross proceeds to MRI Interventions of approximately $5.3 million, before deducting placement agents'
fees and estimated offering expenses. The placement consists of 16,309,270 units, composed of an aggregate of approximately 16,309,270 shares
of its common stock, Series A Warrants to purchase approximately 6,523,762 shares of its common stock and Series
B Warrants to purchase approximately 4,892,819 shares of its common stock.
"We are pleased to complete this
financing, and appreciate the support of the new and existing investors who participated," said Frank Grillo, CEO and President
of MRI Interventions, Inc. "We reached our target in the round, and will use the proceeds for general corporate purposes,
with a focus on providing growth capital for the ongoing commercialization efforts for our ClearPoint Neuro Navigation System,
a next generation platform for performing real-time, MRI-guided minimally invasive neurosurgery."
For each unit purchased, investors received
one share of common stock, Series A Warrants to purchase 0.40 shares of MRI Interventions' common stock, and Series B Warrants
to purchase 0.30 shares of MRI Interventions' common stock. The exercise price of the Series A Warrants will be $0.4058 per
share and the exercise price for the Series B Warrants will be $0.5275 per share, and both series of warrants will be exercisable
for a five year period beginning on the original date of issuance. For each unit sold in this private placement, the investors
have agreed to pay a negotiated price of $0.3246 per unit. This private placement is expected to close on or before December 18,
2015, subject to customary closing conditions. The Company may enter into one or more additional securities purchase agreements,
and hold one or more additional closings.
Brookline Group, LLC acted as lead placement
agent for the transaction.
The securities offered and to be sold
by MRI Interventions in the private placement have not been registered under the Securities Act of 1933 or state securities laws
and may not be offered or sold in the United States absent registration with the U.S. Securities and Exchange Commission or an
applicable exemption from such registration requirements. MRI Interventions has agreed to file a registration statement with the
Securities and Exchange Commission covering the resale of the shares of common stock, including shares of common stock issuable
upon exercise of the warrants, to be issued in the private placement. Any resale of MRI Interventions' securities under such
resale registration statement will be made only by means of a prospectus.
This press release does not constitute
an offer to sell or the solicitation of an offer to buy the securities, nor will there be any sale of the securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws
of such jurisdiction.
About MRI Interventions, Inc.
Building on the imaging power of MRI,
MRI Interventions is creating innovative platforms for performing the next generation of minimally invasive surgical procedures
in the brain and heart. The company's ClearPoint system, which has received 510(k) clearance and is CE marked, utilizes
a hospital's existing
diagnostic or intraoperative MRI suite to enable a range of minimally invasive procedures in the brain.
In partnership with Siemens Healthcare, MRI Interventions is developing the ClearTrace system to enable MRI-guided catheter
ablations to treat cardiac arrhythmias. For more information, please visit www.mriinterventions.com.
Forward-Looking Statements
This press release contains forward-looking
statements based upon the Company's current expectations. Forward-looking statements include, without limitation, all statements
relating to any closing(s) of, and the amount of any proceeds from, the private placement transaction described in this press release.
Forward-looking statements are subject to risks and uncertainties, and the Company's actual results and the timing of events
could differ materially from those anticipated in such forward-looking statements as a result of such risks and uncertainties,
which include, without limitation, risks and uncertainties associated with market conditions and the satisfaction of closing conditions
related to the private placement described in this press release. There can be no assurance that the Company will be able to complete
the private placement described in this press release on the terms described herein or in a timely manner, if at all. You should
not place undue reliance on forward-looking statements, which apply only as of the date of this press release. The Company's
Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 13, 2015 contains under the
heading "Risk Factors" a comprehensive description of risks to which the Company is subject. The Company expressly
disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained
herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which
any such statements are based.
Contact Information:
MRI Interventions, Inc.
Harold A. Hurwitz, CFO, (949) 900-6833