North American Scientific enters agreement for private placement
North American Scientific (NAS) has entered into a securities purchase agreement with Three Arch Partners IV, and affiliated funds, SF Capital Partners and CHL Medical Partners III and an affiliated fund providing for the private placement of 63,008,140 shares of common stock, par value $0.01 per share, and warrants to purchase 3,150,407 shares of common stock for a total purchase price of $15.5 million.

According to the Chatsworth, Calif.-based company, the purchase price is equal to $0.246 per Security, of which $0.01 is allocated to the warrants and represents a 40 percent discount to the volume weighted average price of the common stock on the Nasdaq Global Market for the 20-day trading period ending on the trading day immediately preceding the date of the Securities Purchase Agreement. The warrants have an exercise price of $0.246 per share, subject to certain adjustments. The warrants may be exercised no earlier than 180 days from the closing date of the transaction and will expire seven years from the date of issuance, NAS said.

The company expects to solicit stockholder approval by Dec. 19, pending stockholder approval.