By Devika Patel
Knoxville, Tenn., March 25 - InNexus Biotechnology Inc. said it has arranged a $2.5 million loan facility.
The six-month facility bears interest at 12.5% per annum, which is payable in cash or shares. Its term may be extended by another six months.
The investors will receive 25% warrant coverage. The five-year warrants will be exercisable at the then prevailing market price.
Proceeds will be used for paying current liabilities and operating expenses for the company's research and development programs.
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: | Loan facility
|
| Amount: | $2.5 million
|
| Maturity: | Six months
|
| Coupon: | 12.5%
|
| Price: | Par
|
| Yield: | 12.5%
|
| Warrants: | 25% coverage
|
| Warrant expiration: | Five years
|
| Pricing date: | March 25
|
| Stock symbol: | OTCBB: IXSBF
|
| Stock price: | $0.0939 at close March 24
|
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