Offering sells 12% one-year promissory notes, convertible at $0.35
By Devika Patel
Knoxville, Tenn., March 23 – FluoroPharma Medical, Inc. raised $150,000 in the first tranche of a $1 million private placement of 12% convertible promissory notes on March 23, according to an 8-K filed Wednesday with the Securities and Exchange Commission. Thomas H. Tulip was the investor for the initial tranche.
Each note is due in one year and initially may be converted to common stock at $0.35 per share, which is a 34.62% premium to $0.26, the March 22 closing price.
The biopharmaceutical company is based in Montclair, N.J.
| Issuer: | FluoroPharma Medical, Inc.
|
| Issue: | Convertible promissory notes
|
| Amount: | $1 million
|
| Maturity: | One year
|
| Coupon: | 12%
|
| Conversion price: | $0.35
|
| Conversion premium: | 34.62%
|
| Warrants: | No
|
| Investor: | Thomas H. Tulip (for $150,000)
|
| Settlement date: | March 23 (for $150,000)
|
| Stock symbol: | OTCBB: FPMI
|
| Stock price: | $0.26 at close March 22
|
| Market capitalization: | $8.33 million
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