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Solexa to Pocket $61M in Stock Placement

NEW YORK, Nov. 21 (GenomeWeb News) - Solexa will sell approximately $65 million worth of common stock and warrants to a group of institutional investors, the company said yesterday.

 

The company said it expects to net about $61 million from the transaction.

 

News of the deal comes on the heels of CEO John West's recent disclosure that the company would require additional cash to get through 2006.

 

Under the terms of placement, Solexa will sell 10 million shares of common stock at $6.50 per share and will issue warrants to purchase approximately 3.5 million additional shares at an exercise price of $7.50 per share, the company said.

 

About 3.9 million shares of common stock and approximately 1.3 million warrants will be issued in a closing expected on or about Nov. 22, with the balance of roughly 6.1 million shares and warrants to purchase approximately 2.2 million shares issuing on the same terms in a second closing subject to stockholder approval, Solexa said.

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