April 22, 2010 (FinancialWire) — Xenonics Holdings, Inc. (AMEX: XNN), a manufacturer of illumination systems for the military and safety agencies, said it has completed an agreement with institutional investors to sell 1.1 million shares of its common stock at a price per share of $0.50. The gross proceeds of the offering are $550,000.

The company also issued the investors 1.1 million warrants to purchase shares in the company for five years. The warrants are exercisable six months after the closing of the offering at a price of $0.65.

This $550,000 completes a $2,000,000 financing, which the company entered into with institutional investors. The company said it does not anticipate the need for any additional financing.

Xenonics said it plans to use the net proceeds to build inventory to satisfy the pending demand for the company's products.

California-based Xenonics Holdings develops and produces compact ultra-high-intensity illumination and low-light vision products for military, law enforcement, public safety, and commercial and private sector applications.

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