How much cash will the firm net from the stocksales, Finance Basics

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How much cash will the firm net from the stocksales

Problem

Angina Inc. has 5 million shares outstanding. The firm is considering issuing an additional 1 million shares. After selling these shares at $19 per share offering price and netting 95% of the sale proceeds, the firm is obligated by an earlier agreement to sell an additional 250,000 shares at 90% of the offering price. In total, how much cash will the firm net from these stocksales?

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