Investors Gemini, G-Max Trust also receive 1 million common shares
By Devika Patel
Knoxville, Tenn., June 15 - Adamis Pharmaceuticals Corp. raised $1 million in a private placement of 10% senior convertible notes, according to an 8-K filed Friday with the Securities and Exchange Commission. Gemini Master Fund, Ltd. was the investor for $500,000 of the deal, with the remainder bought by the G-Max Trust.
The notes are initially convertible at $0.55 per common share. The conversion price is a 22.54% discount to the June 14 closing share price of $0.71.
The Gemini note is due in nine months. The G-Max note is due April 1, 2013.
Each investor also received 500,000 common shares.
The specialty pharmaceutical company is based in Del Mar, Calif.
| Issuer: | Adamis Pharmaceuticals Corp.
|
| Issue: | Senior convertible notes, 1 million common shares
|
| Amount: | $1 million
|
| Maturity: | Nine months (for $500,000), April 1, 2013 (for $500,000)
|
| Coupon: | 10%
|
| Conversion price: | $0.55
|
| Warrants: | No
|
| Investor: | Gemini Master Fund, Ltd. (for $500,000), the G-Max Trust (for $500,000)
|
| Announcement date: | June 15
|
| Stock symbol: | OTCBB: ADMP
|
| Stock price: | $0.71 at close June 14
|
| Market capitalization: | $71.25 million
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