Dolphin Offshore buys 9% unsecured promissory note due March 31, 2016
By Devika Patel
Knoxville, Tenn., March 1 – Vaccinogen, Inc. sold a $200,000 convertible promissory note to Dolphin Offshore Partners, LP in a private placement on Feb. 24, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The 9% note is due on March 31, 2016 and may be converted to common stock at $2.50 per share, which is a 131.48% premium to the Feb. 23 closing share price of $1.08.
The company’s obligation to issue the stock is conditioned upon the investor and Vaccinogen negotiating a mutually agreeable subscription agreement.
The investor also agreed to extend the maturity date of a previous $800,000 loan that will now include a conversion option similar to that of the 9% note.
The cancer vaccine company is based in Frederick, Md.
| Issuer: | Vaccinogen, Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $200,000
|
| Maturity: | March 31, 2016
|
| Coupon: | 9%
|
| Conversion price: | $2.50
|
| Conversion premium: | 131.48%
|
| Warrants: | No
|
| Investor: | Dolphin Offshore Partners, LP
|
| Announcement date: | March 1
|
| Settlement date: | Feb. 24
|
| Stock symbol: | OTCBB: VGEN
|
| Stock price: | $1.08 at close on Feb. 23
|
| Market capitalization: | $50.38 million
|
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