By Sheri Kasprzak
New York, Oct. 7 - InNexus Biotechnology Inc. said it has wrapped a C$2.75 million private placement of units.
The company issued 27,500 units to a group of institutional investors led by SDS Capital at C$100 each.
The units include one series A convertible preferred share and 400 warrants.
Each of the 8% preferreds is convertible into 400 common shares for five years. The dividend rate decreases to 12% in the third and succeeding years.
Each warrant is exercisable at C$0.25 each for five years.
The proceeds from the offering include the conversion of C$250,000 from an outstanding bridge loan held by one of the investors.
InNexus may redeem any of the outstanding preferreds at C$120 each plus dividends, if its prevailing market price is C$0.25.
Based in Vancouver, B.C., InNexus develops therapeutic antibodies.
| Issuer: | InNexus Biotechnology Inc.
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| Issue: | Units of one share of series A convertible preferred stock and 400 warrants
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| Amount: | C$2.75 million
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| Units: | 27,500
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| Price: | C$100
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| Dividends: | 8%
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| Conversion ratio: | Each preferred into 400 common shares
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| Warrants: | 400 warrants per unit
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| Warrant expiration: | Five years
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| Warrant strike price: | C$0.25
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| Investors: | SDS Capital (lead)
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| Settlement date: | Oct. 7
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| Stock price: | C$0.375 at close Oct. 7
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