Lincoln Park will buy common stock in tranches of up to 50,000 shares
By Devika Patel
Knoxville, Tenn., Oct. 26 – Anavex Life Sciences Corp. arranged a $50 million stock purchase agreement with Lincoln Park Capital Fund, LLC on Oct. 21, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company will sell common shares to Lincoln Park over three years in tranches of up to 50,000 shares or up to $2 million. The purchase price of the shares will be based on the prevailing market prices at the time of sale.
As consideration for its commitment, Lincoln Park received 179,598 shares and will receive up to 89,799 additional shares pro rata.
Proceeds will be used for clinical trials and general corporate purposes.
Anavex is a pharmaceutical company based in Hoboken, N.J.
| Issuer: | Anavex Life Sciences Corp.
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| Issue: | Stock purchase agreement
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| Amount: | $50 million
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| Tenor: | Three years
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| Warrants: | No
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| Investor: | Lincoln Park Capital Fund, LLC
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| Fees: | 179,598 shares
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| Pricing date: | Oct. 21
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| Stock symbol: | OTCBB: AVXL
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| Stock price: | $9.02 at close Oct. 20
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| Market capitalization: | $231.58 million
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