quote:Originally posted by stocktrader22: LOL...when will you guys learn...
sell out now for a loss and regret it. typical action here...
you got the sell off on the first day a little bounce to .87 then as insitutions unload and 13G's show they are all unloading, stock prices drop like crazy. Then MM's bring it down more to wipe out the bargain hunters and daytraders. Then institutions will load up again and this will be driven to $1+
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AMRN conference call for 8:30 tommorow. Price started to creep in the extended hours.....might gap up in the morning with some favorable news, doubled my position when it hit .62! Got my fingers crossed for good a report and some news on one of the drugs in the pipeline!
Just keep an eye out here for a day or so! may be a nice little way to pick up a quick 5-10%.........
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what have I done? I do not deserve two of my bios to start taking off on the same day...AMRn and HNAB! The stock gods are smiling! LMAO!
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LONDON, June 4, 2007 /PRNewswire-FirstCall via COMTEX/ -- Amarin Corporation plc (AMRN) today announced that it has completed a registered direct offering with the sale of ordinary shares and warrants, resulting in gross proceeds of $3.7 million. An affiliate of a former shareholder, Southridge Capital Management, Inc., invested $3 million. Certain directors and officers of Amarin invested the remaining $0.7 million.
The 6.16 million ordinary shares sold were priced 'at market', being Amarin's closing price on the Nasdaq Capital Market on Thursday, May 31, of $0.60 per share. The investors also received warrants to purchase 0.62 million shares at an exercise price of $0.72 per share. The number of ordinary shares issued represents approximately 5% of Amarin's fully diluted shares outstanding as of June 4, 2007.
In addition, Amarin and Southridge entered into an equity line of credit agreement that provides Amarin with the option to draw down up to $15.0 million of additional equity funding by Southridge at any time over a three year period, solely at Amarin's discretion. If Amarin elects to make a draw under the agreement, the shares to be issued will be priced at a 4% discount to the average closing bid price of Amarin's ADSs during the pricing period at the time of the draw. Amarin also remains free to pursue other financing activities during the three year term. In connection with the agreement, Amarin has paid to Southridge a one-time fee of $300,000 through the issuance of an additional 499,168 ordinary shares.
Mr. Rick Stewart, Chief Executive Officer of Amarin, commented, "We are delighted with Southridge's support and with the continuing strong support of our directors, who continue to invest significantly in Amarin. The completion of this funding enables us to pursue the development of our four key programs, three of which could potentially be in phase II trials next year, and provides us with additional capital to expand our neuroscience pipeline and to negotiate new drug development and licensing agreements from a position of strength".
Mr. Alan Cooke, President and Chief Financial Officer of Amarin, commented, "We are delighted to have completed this registered direct offering and equity line of credit agreement on such competitive terms. It provides us with excellent financial flexibility for the future in a manner that is aimed to minimize dilution to shareholders. We are delighted to have established this strategic financial relationship with Southridge."
Proseed Capital Holdings CVA advised Amarin on the registered direct offering and on the negotiation of the equity line of credit agreement.
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Been in this for a while now, ready for this thing to take off. They recieved a Nasdaq warning last week on their bid price being too low.
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surprised where this is at currently, the market must have no confidence in this company. They got financing and insiders contributed .7 million at the market price of .60 at the time. the volume wasnt even high today and it was down more than 5%. I dont really understand, but ill hold till this is bankrupt or past a dollar again.
-------------------- Disclaimer: Not accountable for anything I say
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Some gain this week. I reloaded when it hit .53 a few days ago, nice to have good timing for a change. Hopefully this is a trend upward.
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