By Devika Patel
Knoxville, Tenn., June 12 - Viralytics Ltd. said it arranged a $6 million convertible note facility with La Jolla Cove Investors, Inc.
The placement consists of up to four 4.75% $1.5 million convertible notes, each with a term of two years.
Viralytics may draw down funds of up to $250,000 per month.
The notes may be converted at A$0.50 per share.
Viriathus Capital LLC, New York was the agent.
Proceeds will be used to fund the company's clinical development activities.
Viralytics, based in Pymble, Australia, is an anti-cancer biotechnology company.
| Issuer: | Viralytics Ltd.
|
| Issue: | Convertible notes
|
| Amount: | $6 million
|
| Maturity: | Two years
|
| Coupon: | 4.75%
|
| Price: | Par of $1.5 million
|
| Yield: | 4.75%
|
| Conversion price: | A$0.50
|
| Warrants: | No
|
| Agent: | Viriathus Capital LLC, New York
|
| Investor: | La Jolla Cove Investors, Inc.
|
| Pricing date: | June 11
|
| Stock symbol: | Australia: VLA
|
| Stock price: | A$0.039 at close June 12
|
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