Company to sell 8% four-year notes to investors in multiple tranches
By Devika Patel
Knoxville, Tenn., April 9 - Manhattan Scientifics, Inc. raised $1 million in the first tranche of a $2.5 million private placement of convertible promissory notes on April 3, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The 8% note matures in four years and is convertible at $0.055 per share, which is a 10% premium to the April 2 closing share price of $0.05.
The company will sell $500,000 more of the notes on Oct. 1, $500,000 on April 1, 2014 and $500,000 on Oct. 1, 2014.
Raymond A. Mason, William B. Jones and the Ferdinand J. Crovato Trust were the investors.
The New York company operates as a technology incubator that seeks to acquire, develop and commercialize life-enhancing technologies in various fields, with emphasis in the areas of nanotechnology.
| Issuer: | Manhattan Scientifics, Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $2.5 million
|
| Maturity: | Four years
|
| Coupon: | 8%
|
| Conversion price: | $0.055
|
| Warrants: | No
|
| Investors: | Raymond A. Mason, William B. Jones and the Ferdinand J. Crovato Trust
|
| Settlement dates: | April 3 (for $1 million), Oct. 1 (for $500,000), April 1, 2014 (for $500,000), Oct. 1, 2014 (for $500,000)
|
| Stock symbol: | OTCBB: MHTX
|
| Stock price: | $0.05 at close April 2
|
| Market capitalization: | $24.3 million
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