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Great Basin Scientific Prices $2.7M Securities Offering

NEW YORK (GenomeWeb) – Great Basin Scientific said today that it has priced $2.7 million of securities units for sale through a registered public offering.

The offering will consist of 8.9 million units comprising Class A Units and Class B Units priced at $.30 and $.29, respectively. Each Class A unit will consist 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. Each Class B unit will consist of one prefunded Series K warrant to purchase one share of common stock at $.30 and one Series J warrant.

Class B units are being offered to any purchaser whose purchase of Class A units would result in that purchaser owning more than 4.99 percent or 9.99 percent, at the purchaser's election, of Great Basin's issued and outstanding common stock following consummation of the offering, the firm said.

Roth Capital Partners acted as the exclusive placement agent for the offering. Great Basin said that it will use the expected $2 million in net proceeds from the sale for research and development, sales and marketing, the redemption of certain notes, and for general corporate purposes including working capital.

Last month, Great Basin said that it had expected to gross $3.5 million through a unit offering.

During midday trading on the Nasdaq, shares of Great Basin were down nearly 21 percent to $.31.

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