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Actinium Pharmaceuticals to raise $15.4M in rights offering

Actinium Pharmaceuticals Inc. said it expects to raise $15.4 million in gross proceeds from a previously announced rights offering that expired March 2.

The New York-based biopharmaceutical company said it accepted all valid subscriptions totaling 30.8 million units, subject to finalization and verification. The company expects to close the rights offering on or about March 6, subject to closing conditions.

Each unit consists of 1 common share, 0.25 series A warrants and 0.75 series B warrants. The series A warrants have a term of 12 months from the date of issuance and have an exercise price of 60 cents. The series B warrants have a term of 30 months from the date of issuance and have an exercise price of 70 cents.

As a result of the rights offering, Actinium expects to issue about 30.8 million common shares, 7.7 million series A warrants and 23.1 million series B warrants.

Maxim Group LLC served as dealer-manager for the rights offering. ROTH Capital Partners and JonesTrading Institutional Services LLC acted as financial advisers to Actinium in the offering.