By Laura Lutz
Des Moines, Aug. 30 - Eugene Science, Inc. completed a $1.25 million private placement of senior secured promissory notes and warrants.
Two investors bought the six-month notes, which are convertible into common stock at $0.65 per share.
The notes bear interest at 10% per year.
The investors also received warrants for 2,000,000 shares, exercisable at $0.25 per share for three years.
Los Angeles-based Eugene develops nutritional supplements.
| Issuer: | Eugene Science, Inc.
|
| Issue: | Senior secured promissory notes
|
| Amount: | $1.25 million
|
| Maturity: | Six months
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | $0.65
|
| Warrants: | For 2,000,000 shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.25
|
| Settlement date: | Aug. 24
|
| Stock symbol: | OTCBB: EUSI
|
| Stock price: | $0.38 at close Aug. 30
|
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