Star Scientific Sells $14 Million in Securities

Source from:  AP 11/09/2010

GLEN ALLEN, Va. (AP) -- Star Scientific, which sells dissolvable smokeless tobacco and says its technologies cut toxins in tobacco, said Monday that selected directors, long-term shareholders and managers purchased $14 million in restricted securities from the company. Star says it will use the proceeds from this sale to increase its working capital and help bring new products to market. The private offering, which closed Friday, entailed selling 7.6 million shares at a price of $1.80 apiece. Shares of Star Scientific Inc. rose 7 cents, or 3.9 percent, to $1.85 in afternoon trading. Enditem