By Devika Patel
Knoxville, Tenn., Nov. 7 - InNexus Biotechnology Inc. said it plans to sell C$1.25 million in 10% convertible debentures.
The debenture will mature in two years and be convertible into common shares at C$0.10 per share.
Insiders are expected to subscribe for about 40% of the debentures.
Settlement is expected Nov. 14.
Proceeds will be used for research and development and general corporate business.
Based in Vancouver, B.C., InNexus is a biotechnology company focused on the development of the next generation of monoclonal antibodies using its Dynamic Cross-linking technology.
| Issuer: | InNexus Biotechnology Inc.
|
| Issue: | Convertible debenture
|
| Amount: | C$1.25 million
|
| Maturity: | Two years
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | C$0.10
|
| Warrants: | No
|
| Pricing date: | Nov. 7
|
| Settlement date: | Nov. 14
|
| Stock symbol: | TSX Venture: IXS
|
| Stock price: | C$0.075 at close Nov. 6
|
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