Company sells units of a common share and two warrants to Lincoln Park
By Devika Patel
Knoxville, Tenn., Oct. 23 – Anavex Life Sciences Corp. settled a $500,000 private placement of units with Lincoln Park Capital Fund, LLC on Oct. 22, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company sold 2 million units of one common share and two five-year warrants at $0.25 per unit.
The series A warrants are exercisable for a total of 2 million shares at $0.30 per share, and the series B warrants are exercisable for a total of 2 million shares at $0.42 per share. The strike prices are 57.9% and 121.05% premiums to $0.19, the Oct. 21 closing share price.
Anavex is a pharmaceutical company based in Hoboken, N.J.
| Issuer: | Anavex Life Sciences Corp
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| Issue: | Units of one common share and two warrants
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| Amount: | $500,000
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| Units: | 2 million
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| Price: | $0.25
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| Warrants: | Two warrants per unit (for a total of 4 million warrants)
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| Warrant expiration: | Five years
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| Warrant strike price: | $0.30 (for 2 million shares), $0.42 (for 2 million shares)
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| Investor: | Lincoln Park Capital Fund, LLC
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| Settlement date: | Oct. 22
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| Stock symbol: | OTCBB: AVXL
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| Stock price: | $0.19 at close Oct. 21
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| Market capitalization: | $7.58 million
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