Accurexa Inc. (OTCBB:ACXA) announced that it has entered into a securities purchase agreement for a private placement of 2,250 series A convertible preferred stock at $1,000 per share for gross proceeds of $2,250,000 on June 16, 2015. The preferred shares are convertible into common shares of the company at a fixed conversion price of $1.50 per share. The preferred shares have no dividend rights or liquidation preference.

If dividends are declared on the common share, the holders of the preferred shares shall be entitled to participate in such dividends on an as-converted-to-common share basis. The company will also issue common stock purchase warrant to purchase up to 1,800,000 common shares. The warrants have an exercise price of $1.50 per share and are exercisable for 4 years.

The company will issue the securities pursuant to exemption provided under Regulation D. The transaction is expected to close on or about June 22, 2015.