Millennium seals $1.3 million private placement of preferreds, notes

By Devika Patel

Knoxville, Tenn., Nov. 16 - Millennium Biotechnologies Group, Inc. said it raised $1.3 million in a private placement of its series F preferred stock and secured promissory notes.

The series F preferred converts into common stock on a 120,000-for-1 basis.

The company also said it completed a $14 million recapitalization.

As part of the recapitalization plan, certain creditors have converted over $7 million of debt into convertible series E preferred stock at $0.035 per common share, which is issuable upon conversion of the preferreds. The company will realize approximately $3.4 million in non-cash gains from the elimination and writedown of approximately $4 million in senior secured debt.

Based in Basking Ridge, N.J., Millennium Biotechnologies makes nutritional products, supplements and beverages.

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