Cyalume Technologies Holdings (OTC:CYLU) announced today, in a press release, that it has closed the sale of 871,823 shares of common stock to institutional investors in a private placement at a price of $4.60 per share. The consideration paid by investors consisted of approximately $3.5 million in cash and the cancellation of 1,015,000 public warrants, which were valued at $0.50 per warrant. Cyalume closed on March 18, 2011 at $5.65 per share and averages about 2,500 shares traded per day. The company has a market cap of $89 million and a 52-week range between $3.00 and $5.90 per share.The Company will use the net proceeds of the private offering to fund general corporate purposes.
Derek Dunaway, President and CEO of Cyalume, said, "This investment will bolster our ability to execute on all of the growth opportunities that we are seeing in the ammunition business."
Cyalume Technologies engages in the manufacture and sale of chemiluminescent products, and reflective and photoluminescent materials to the military, ammunition, and commercial and public safety markets primarily in the United States, Europe, and Asia. It offers a range of military grade emergency lighting solutions under the Cyalume, SnapLight, and SafetyBright brands.
The company sells chemiluminescent devices comprising light sticks, flat chemiluminescent disks, and reflective patches and belts. Its products are used in various applications, including nighttime marking of drop and landing zones, marking trails at night, triage marking of wounded soldiers, and light for general illumination purposes; day/night marking and illumination as components of training ammunition; emergency situations and for general safety purposes; marine and boating; individual identification; and traffic.
For more information, please visit: www.cyalume.com.
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