Guardian Technologies closes $7M financing

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Guardian Technologies International has entered into definitive agreements with five existing and four new accredited investors with respect to the private placement of approximately 10 million shares of its common stock for expected gross proceeds of approximately $7 million.

There were no discounts or brokerage fees associated with the offering, the company said.

The Herndon, Va.-based Guardian said it expects to utilize the proceeds to advance its international business development activities, healthcare research and development activities and fund general corporate operations.

Two closings are scheduled to occur with $5.15 million having closed on April 4, and the second closing expected to occur on or about May 30, subject to customary closing conditions, the company said.

The securities were offered to accredited investors in reliance on an exemption from the registration requirements of the Securities Act of 1933. The securities were not registered under the Securities Act of 1933 or any state laws and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements, Guardian said.