By Sheri Kasprzak
New York, Jan. 16 - MicroIslet, Inc. settled a private placement of a loan with warrants.
The company's chairman, John J. Hagenbuch, loaned the company $2 million in cash and received a warrant for 500,000 shares.
The warrants are exercisable at $1.00 each for 10 years. The warrant strike price is a 50% premium to the company's $0.67 closing stock price on Jan. 12.
The one-year subordinated promissory notes bear interest at Prime rate flat.
Proceeds will be used for working capital as the company files its Investigation New Drug application with the Food and Drug Administration for its microencapsulated insulin-producing islet transplantation approach to treat Type 1 diabetes.
San Diego-based MicroIslet develops and commercializes treatments for patients with insulin-dependent diabetes.
| Issuer: | MicroIslet, Inc.
|
| Issue: | Subordinated promissory notes
|
| Amount: | $2 million
|
| Maturity: | One year
|
| Coupon: | Prime rate flat
|
| Warrants: | For 500,000 shares
|
| Warrant expiration: | 10 years
|
| Warrant strike price: | $1.00
|
| Investor: | John J. Hangenbuch
|
| Settlement date: | Jan. 16
|
| Stock symbol: | Amex: MII
|
| Stock price: | $0.67 at close Jan. 12
|
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