By Devika Patel
Knoxville, Tenn., Jan. 22 - Lifevantage Corp. sold $1.26 million of 8% convertible debentures in a private placement on Wednesday, according to an 8-K filed Friday with the Securities and Exchange Commission.
The two-year debentures are initially convertible into common stock at $0.20 per share.
The debentures are callable at par if the company meets certain equity conditions.
The investors also received 50% warrant coverage, or warrants for 3,142,500 shares. The warrants are each exercisable at $0.50.
Greenwood Village, Colo.-based Lifevantage specializes in health products.
| Issuer: | Lifevantage Corp.
|
| Issue: | Convertible debentures
|
| Amount: | $1,255,743
|
| Maturity: | Two years
|
| Coupon: | 8%
|
| Price: | $1,257,000
|
| Conversion price: | $0.20
|
| Call option: | At par once certain equity conditions are met
|
| Warrants: | For 3,142,500 shares
|
| Warrant strike price: | $0.50
|
| Settlement date: | Jan. 20
|
| Stock symbol: | OTCBB: LFVN
|
| Stock price: | $0.30 at close Jan. 20
|
| Market capitalization: | $18.8 million
|
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