Irvine Sensors Tells Results of Offering

Irvine Sensors Corp., a Costa Mesa defense contractor, said Wednesday that it had raised between $1.6 million and $1.7 million from a public offering of 1.25 million units at $1.60 per unit. The units consisted of two shares of common stock plus one warrant to purchase an additional share.

Proceeds from the offering, which will increase the company’s outstanding shares from 4.9 million to nearly 7.5 million, will be used to generate additional military business, including research on contracts involving the Strategic Defense Initiative program.

The offering was handled by Paulson Investment Co. Inc., of Portland, Ore.