February 12, 2010 (FinancialWire) — BSD Medical Corp. (NASDAQ: BSDM) said it has entered into a securities purchase agreement with two institutional investors for the sale of 1,176,471 shares of its common stock in a registered direct offering at $1.70 per share. The company will also issue warrants to purchase 882,354 shares of common stock to the investors.

The warrants are exercisable beginning six months and one day after closing, expire five years after becoming exercisable and have an exercise price of $2.04 per share.

BSD said it is expecting gross proceeds of around $2 million. The company plans to use the proceeds of the transaction, subject to certain restrictions, for general corporate purposes, including working capital.

Utah-based BSD Medical is a developer of systems used to deliver precision-focused microwave/RF energy to diseased sites in the body, including cancer. BSD’s treatments are used to kill cancer directly and increase the effectiveness of companion radiation treatments for certain tumors.

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