By Sheri Kasprzak
New York, March 29 - Viral Genetics, Inc. said it has settled a $2.9 million private placement of senior secured convertible debentures.
The 10% debentures are due in two years. The conversion price of the debentures could not be determined Wednesday evening.
The investors will receive warrants for 6.4 million shares, exercisable at $0.78 each for five years.
HPC Capital Management LLC was the placement agent.
Based in Azusa, Calif., Viral develops therapies for HIV.
| Issuer: | Viral Genetics, Inc.
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| Issue: | Senior secured convertible debentures
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| Amount: | $2.9 million
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| Maturity: | Two years
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| Coupon: | 10%
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| Price: | Par
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| Yield: | 10%
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| Warrants: | For 6.4 million shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $0.78
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| Placement agent: | HPC Capital Management LLC
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| Settlement date: | March 29
|
| Stock symbol: | OTCBB: VRAL
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| Stock price: | $0.70 at close March 29
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