US Nuclear Corp. closed this month on a private placement securities purchase to raise $611,000 in net working capital.
The 51-page securities purchase agreement was signed on May 5 by US Nuclear Chief Executive Robert Goldstein and Patrick Hassani, chief investment officer of Mast Hill Fund in Wellesley, Massachusetts.
The Canoga Park manufacturer of radiation detection equipment will raise the money through a 20 cents per share fixed price promissory note for common stock, as well as cash warrants with a 75-cent strike price, the company said in a release.
US Nuclear will use the money to increase revenue by improving operations, upgrading products and developing new products and expanding sales and marketing in high-growth areas, the company’s release said.
Shares of US Nuclear (UCLE) closed up Tuesday to nearly 22 cents on the over-the-counter market.