Deal includes 50% warrant coverage; promissory notes are due in a year
By Devika Patel
Knoxville, Tenn., Aug. 12 – FluoroPharma Medical, Inc. increased its private placement of 8% convertible promissory notes to $3 million from $2 million on Aug. 6, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The deal raised $350,000 on May 28 and June 2, $250,000 on July 16 and another $1 million on Aug. 6.
Each note is due in one year and may be converted to common stock at $0.35 per share, which is a 6.06% premium to $0.33, the May 27 closing price.
Investors also received 50% warrant coverage. Each of the five-year warrants is exercisable at $0.50, a 51.52% premium to the May 27 closing price.
The biopharmaceutical company is based in Montclair, N.J.
| Issuer: | FluoroPharma Medical, Inc.
|
| Issue: | Convertible promissory notes
|
| Amount: | $3 million
|
| Maturity: | One year
|
| Coupon: | 8%
|
| Conversion price: | $0.35
|
| Conversion premium: | 50%
|
| Warrants: | 50% coverage
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.50
|
| Announcement date: | Dec. 10, 2014
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| Upsized: | Aug. 6
|
| Settlement dates: | May 28 and June 2 (for $350,000), July 16 (for $250,000), Aug. 6 (for $1 million)
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| Stock symbol: | OTCBB: FPMI
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| Stock price: | $0.33 at close May 27
|
| Market capitalization: | $10.3 million
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