http://finance.yahoo.com/news/sunshine-heart-announces-3-5-132915...

http://finance.yahoo.com/news/sunshine-heart-announces-3-5-132915745.html


EDEN PRAIRIE, Minn., July 21, 2016 (GLOBE NEWSWIRE) -- Sunshine Heart, Inc. (SSH) (“Sunshine Heart” or the “Company”), today announced that it has entered into a definitive agreement with a single investor for an offering of shares of convertible preferred stock with gross proceeds of $3,468,000 in a registered direct offering. The closing of the offering is expected to take place on or about July 26, 2016, subject to the satisfaction of customary closing conditions.
In connection with the offering, the Company will issue 3,468 registered shares of Series B Convertible Preferred Stock (which are convertible into a total of 3,689,361 shares of common stock at a conversion price of $0.94).  Concurrently, in a private placement, the investor in the offering will receive warrants to purchase shares of common stock exercisable for up to 3,689,361 additional shares of common stock, in the aggregate. The warrants have an exercise price of $0.94 per share and are exercisable for 36 months commencing six months from the closing date.
Northland Securities, Inc. acted as the exclusive placement agent in connection with this offering.
The Company intends to use the net proceeds from the offering for working capital and general corporate purposes.
The shares of Series B Convertible Preferred Stock described above (but not the warrants or the shares of common stock underlying the warrants) are being offered pursuant to a shelf registration statement (File No. 333-194731).  Such shares of common stock may be offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement.
The warrants and the shares of common stock underlying the warrants issued in the offering have not been registered under the Securities Act of 1933, as amended or applicable state securities laws in reliance on an exemption from such registration. Accordingly, the warrants and underlying shares of common stock may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein. There shall not be any offer, solicitation of an offer to buy, or sale of securities in any state or jurisdiction in which such an offering, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The Company will file a prospectus supplement with the SEC relating to such shares of preferred stock, and following such filing, copies of the prospectus supplement and the accompanying base prospectus relating to this offering may be obtained at the SEC's website at http://www.sec.gov, or from Northland Securities, Inc. at 750 Third Ave, Suite 2401, New York, NY 10017, by calling 1 (800) 851-2920, or by email at [email protected].