KLP Enterprises buys 9% convertible promissory note due June 30, 2016
By Devika Patel
Knoxville, Tenn., May 13 – Vaccinogen, Inc. sold a $200,000 convertible promissory note to KLP Enterprises, LLC in a private placement on May 10, according to an 8-K filed Friday with the Securities and Exchange Commission.
The 9% note is due on June 30, 2016 and may be converted to common stock at $2.00 per share, which is a 60% premium to the May 9 closing share price of $1.25.
The company’s obligation to issue the stock is conditioned upon the investor and Vaccinogen negotiating a mutually agreeable subscription agreement.
The cancer vaccine company is based in Frederick, Md.
| Issuer: | Vaccinogen, Inc.
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| Issue: | Convertible promissory note
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| Amount: | $200,000
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| Maturity: | June 30, 2016
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| Coupon: | 9%
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| Conversion price: | $2.00
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| Conversion premium: | 60%
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| Warrants: | No
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| Investor: | KLP Enterprises, LLC
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| Announcement date: | May 13
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| Settlement date: | May 10
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| Stock symbol: | OTCBB: VGEN
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| Stock price: | $1.25 at close on May 9
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| Market capitalization: | $46.28 million
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