By Devika Patel
Knoxville, Tenn., April 9 - Anavex Life Sciences Corp. said it has secured three convertible loan agreements for $1.92 million. It also said it raised $224,883 in two private placements of units.
The 0% one-year loans are unsecured and convertible into units of one common share and one non-transferable warrant at $2.25 per unit.
In the private placements, the company sold 89,148 units of one common share and one non-transferable warrant at $2.25 per unit on March 6 for $200,583. It sold 10,800 units at the same price on March 20 for $24,300.
The warrants for all of the units are exercisable at $4.00 for one year.
Proceeds will be applied toward the scale-up manufacturing of Anavex 2-73, research and development, the payment of outstanding promissory notes and general working capital.
Based in Geneva, Switzerland, Anavex is focused on developing and marketing drug targets for the treatment of cancer and diseases of the central nervous system.
| Issuer: | Anavex Life Sciences Corp.
|
| Issue: | Loan, units of one common share and one non-transferable warrant
|
| Amount: | $2,144,301
|
| Warrant strike price: | $4.00
|
| Warrant expiration: | One year
|
| Stock symbol: | OTCBB: AVXL
|
| Stock price: | $1.70 at close April 8
|
|
|
| Loan
|
| Amount: | $1,919,418
|
| Maturity: | One year
|
| Coupon: | 0%
|
| Price: | Par
|
| Yield: | 0%
|
| Conversion price: | $2.25
|
| Warrants: | One per unit upon conversion
|
| Pricing date: | April 9
|
|
|
| Units
|
| Amount: | $224,883
|
| Units: | 99,948
|
| Price: | $2.25
|
| Warrants: | One per unit
|
| Settlement date: | March 6 (for $200,583), March 20 (for $24,300)
|
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