22nd Century Group, Inc. (NYSE MKT:XXII), a plant biotechnology company whose mission is to reduce the harm caused by smoking, announced today that it has closed the previously announced registered direct offering of common stock and warrants consisting of 6,000,000 shares of the Company’s common stock and 66-month warrants to purchase 3,000,000 shares of common stock at an exercise price of $1.25 per share (not exercisable for six months from issuance). The stock and warrants were sold for $1.00 per unit. The net proceeds of the offering, excluding any proceeds that may be received from the exercise of warrants, are approximately $5.6 million and will be used for general corporate purposes, including working capital. Chardan Capital Markets, LLC acted as the sole placement agent for this transaction.
About 22nd Century Group, Inc.
22nd Century Group is a plant biotechnology company focused on technology which allows it to increase or decrease the level of nicotine in tobacco plants through genetic engineering and plant breeding. The Company’s mission is to reduce the harm caused by smoking. 22nd Century owns or exclusively controls 128 issued patents plus an additional 52 pending patent applications in 96 countries. The Company’s strong IP position led to a licensing agreement with British American Tobacco (“BAT”), the world’s second largest tobacco company. Visit www.xxiicentury.com for more information.
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