DOBI Medical International completes $5.16 million private placement.

2004 SEP 2 - (NewsRx.com & NewsRx.net) -- DOBI Medical International, Inc., (DBMI.OB) has completed the private placement of $5.16 million in shares of its series A preferred stock and associated warrants.

The shares of series A preferred stock sold in the private placement carry a dividend of 8% per year and are convertible into 2,580,667 shares of common stock. Proceeds of the transaction will be used primarily to build and begin the international marketing of the company's ComfortScan system. The company also issued 2,580,667 4-year investor warrants to purchase shares of common stock at a price of $3.00 per share.

The shares of common stock issuable upon conversion of the preferred shares and exercise of the warrants have not been registered under the Securities Act of 1933 and may not be subsequently offered or sold by the investors absent registration or an applicable exemption from the registration requirements. The company has agreed to file a registration statement covering the resale of the common stock issuable in connection with the ...