Latest sale on same terms as $1.2 million sold in July
New York, Dec. 31 – FluoroPharma Medical, Inc. said it sold an additional $776,000 of promissory notes on the same terms as the $1.2 million it completed in July.
The notes will mature one year from the date of issuance and pay interest at 8%.
All principal and accrued interest on the notes will automatically convert into the company’s next equity or equity-linked financing at a rate of 1.15 times the outstanding balance on the notes. The investors will then be subject to whatever the terms are of the subsequent financing.
Investors will also receive additional warrants for 50% of the number of shares issued in the subsequent financing, exercisable at the per-share price of the financing.
FluoroPharma accepted the subscriptions to the add-on from Nov. 18 through Dec. 29.
FluoroPharma is a Montclair, N.J., biopharmaceutical company specializing in molecular imaging pharmaceuticals with initial applications in the area of cardiology.
| Issuer: | FluoroPharma Medical, Inc.
|
| Issue: | Promissory notes
|
| Amount: | $776,000
|
| Maturity: | One year
|
| Coupon: | 8%
|
| Conversion formula: | Into subsequent equity or equity-linked pricing at ratio of 1.15 times
|
| Settlement date: | Dec. 29
|
| Stock symbol: | OTC: FPMI
|
| Stock price: | $0.42 at close on Dec. 29
|
| Market capitalization: | $11.7 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
