Company sells 8% convertible note with a 10% original issue discount
By Devika Patel
Knoxville, Tenn., July 11 – Avant Diagnostics, Inc. settled a $225,000 private placement of a $250,000 convertible promissory note with a 10% original issue discount on July 5, according to an 8-K filed Monday with the Securities and Exchange Commission.
The 8% note matures Jan. 5, 2017 and converts to common stock at the lesser of $0.25 and the closing sales price of the stock on the conversion date. The note may be prepaid at prices ranging from 110 to 125.
Proceeds will be used to repay a convertible note held by St. George Investments and for general working capital purposes.
The Houston company has developed diagnostic tests that provide early detection of cancers, neurodegenerative diseases and other chronic and severe disease states.
| Issuer: | Avant Diagnostics, Inc.
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| Issue: | Convertible promissory note
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| Amount: | $255,000
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| Maturity: | Jan. 5, 2017
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| Price: | $225,000
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| Coupon: | 8%
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| Conversion price: | The lesser of $0.25 and the closing sales price of the stock on the conversion date
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| Call: | At 110 to 125
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| Warrants: | No
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| Settlement date: | July 5
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| Stock symbol: | OTCBB: AVDX
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| Stock price: | $0.25 at close July 1
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| Market capitalization: | $53.84 million
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