Published on 5/31/2016 in the Prospect News PIPE Daily.
FluoroPharma settles $60,000 of $3 million convertibles, amends terms
Deal includes 50% warrant coverage; promissory notes are due in a year
By Devika Patel
Knoxville, Tenn., May 31 – FluoroPharma Medical, Inc. raised another $60,000 in its $3 million private placement of convertible promissory notes on May 24 and amended the terms of the notes, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The deal raised $350,000 on May 28 and June 2, 2015, $250,000 on July 16, 2015, $1 million on Aug. 6, 2015 and $800,000 on Sept. 29, 2015. The offering was increased to $3 million from $2 million on Aug. 6, 2015 and has raised a total of $2.84 million, including the latest tranche.
Each note is due in 18 months, extended from the original maturity of 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, 2015 closing price. The interest rate has been increased to 12% from 8%.
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: | 18 months
|
| Coupon: | 12%
|
| Conversion price : | $0.35
|
| Conversion premium: | 50%
|
| Warrants: | 50% coverage
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.50
|
| Announcement date: | Dec. 10, 2014
|
| Upsized: | Aug. 6, 2015
|
| Amended: | May 26
|
| Settlement dates: | May 28 and June 2, 2015 (for $350,000), July 16, 2015 (for $250,000), Aug. 6, 2015 (for $1 million), Sept. 29, 2015 (for $800,000), May 24 (for $60,000)
|
| Stock symbol: | OTCBB: FPMI
|
| Stock price: | $0.33 at close May 27, 2015
|
| Market capitalization: | $7.67 million
|
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