February 25, 2010 (FinancialWire) — VirnetX Holding Corp. (AMEX: VHC) said that, as of February 20, 2010, all of the Series III warrants issued by the company in a private placement transaction that closed on September 2, have been exercised in full.

The aggregate cash exercise proceeds from the Series III warrants totaled $6 million, according to the company. Along with the initial raise of $6 million through the purchase of common stock brings the private placement to an aggregate of $12 million to the company.

warrants issued in the financing that are still outstanding include five-year Series I warrants covering the number of shares issued in the first tranche as well as the placement agent’s warrants (2,619,036 total shares) at $3.93 per share, which reflected a premium of 125% of the agreed average market price at the time of the financing.

Upon exercise, the Series I warrants would yield an aggregate of $10.3 million in gross proceeds to the company. The Series I warrants are not exercisable until March 11, 2010.

California-based VirnetX Holding is engaged in commercializing its patent portfolio, derived from a Central Intelligence Agency security project, by developing a licensing program, as well as developing software products designed to create a secure environment for real-time communications such as instant messaging and Voice over Internet Protocol.

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