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Inspyr to raise $1M via private placement

Inspyr Therapeutics Inc. plans to raise $1 million in a private placement of preferred stock and warrants.

The company is offering approximately 1,000 series B preferred stock at $1,000 apiece and three separate series of warrants to purchase nearly 4 million shares of the company.

Each of the series J, K and L warrants will be exercisable for up to 1.33 million shares of the company at different terms.

Series J holders will receive a company stock for 90 cents for each warrant exchanged within a period of five years from the date of issue; series K warrants will be exercisable at 75 cents per share within six months from issue. Meanwhile, series L warrants have an exercise price of 75 cents per share and expire in 12 months.

Preferred stocks are also convertible into Inspyr shares at an initial conversion rate of 75 cents apiece.

Rodman & Renshaw, a unit of H.C. Wainwright & Co. LLC, is acting as the exclusive placement agent for the offering, which is expected to close by Dec. 14.