Offering consists of discounted promissory notes with 750,000 warrants
By Devika Patel
Knoxville, Tenn., Jan. 23 – Innovus Pharmaceuticals, Inc. completed a $165,000 private placement of promissory notes with Vista Capital Investments, LLC and chief financial officer Lynnette Dillen on Jan. 21, according to an 8-K filed Friday with the Securities and Exchange Commission. The notes have a $15,000 original issue discount for total proceeds of $150,000.
The notes are due on July 31, 2015 and have a one-time 8% interest payment at maturity.
The two investors also received 750,000 warrants. Each five-year warrant is exercisable at $0.30, a 20% premium to $0.25, the Jan. 20 closing share price.
Proceeds will be used for general working capital purposes.
The pharmaceutical company is based in Sierra Madre, Calif.
| Issuer: | Innovus Pharmaceuticals, Inc.
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| Issue: | Promissory notes
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| Amount: | $165,000
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| Maturity: | July 31, 2015
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| Price: | Discounted by $15,000 ($150,000)
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| Coupon: | One-time 8% interest payment at maturity
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| Warrants: | 750,000
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| Warrant expiration: | Five years
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| Warrant strike price: | $0.30
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| Investors: | Vista Capital Investments, LLC and Lynnette Dillen
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| Settlement date: | Jan. 21
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| Stock symbol: | OTCBB: INNV
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| Stock price: | $0.25 at close Jan. 20
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