Amarantus BioSciences amends convertible debentures that had defaulted

Two notes, for of $375,000 and $187,500, issued to Dominion Capital

By Devika Patel

Knoxville, Tenn., Feb. 7 - Amarantus BioSciences, Inc. restructured the terms of its $375,000 convertible debentures and $500,000 of warrants on Feb. 7, according to an 8-K filed Thursday with the Securities and Exchange Commission. The securities are in default.

The company issued two convertible promissory notes in the amounts of $375,000 and $187,500 to Dominion Capital, LLC. The $375,000 note is immediately convertible at a price of $0.015 per share, for 25 million common shares. The $187,500 note is also convertible at $0.015 per share, however the note is not convertible for six months and the company can repurchase this note at any time until maturity.

The biotechnology company is based in Sunnyvale, Calif.

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