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Great Basin Closes $2.1M Offering

NEW YORK (GenomeWeb) – Great Basin Scientific said today that it has closed a previously announced registered offering of 8.9 million units, raising $2.1 million in net proceeds.

Roth Capital Partners acted as the exclusive placement agent for the offering, which comprised Class A units, offered at $.30 per unit, and Class B units, offered at $.29 per unit.  

Class A units consisted of one share of Great Basin's common stock and one Series J warrant to purchase 2.5 shares of the firm's common stock at $.30 apiece.

Purchasers of the Class A units were offered Class B units if their purchase of the Class A units would result in the ownership of more than 4.99 percent or 9.99 percent, at the purchaser's election, of Great Basin's issued and outstanding common stock, after the completion of the offering.

Class B units were made up of one prefunded Series K warrant to purchase one share of common stock at $.30 and one Series J warrant.

Great Basin said it intends to use the proceeds for research and development, sales and marketing expenses, the redemption of certain notes, and general corporate purposes.

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