By Sheri Kasprzak
New York, May 5 - Applied DNA Sciences, Inc. has concluded the first tranche of a $7 million private placement for $1 million.
In the initial tranche, the company sold 20 units at $50,000 each.
Each unit is comprised of $50,000 in principal of 10% secured convertible promissory notes and a warrant for 100,000 shares.
The warrants are exercisable at $0.50 each through May 2, 2007. The warrants are redeemable the earlier of May 2, 2009 or the date the registration statement is declared effective by the Securities and Exchange Commission. The warrants may also be redeemed when the company's stock trades above $1.00 for more than 20 consecutive trading days.
The notes are due Aug. 2, 2007 and are convertible into common shares at $0.50 each.
The entire placement includes up to 140 units.
Arjent Ltd. was the placement agent for the offering.
Located in New York, Applied DNA develops DNA-embedded security products used to protect corporate and intellectual property.
| Issuer: | Applied DNA Sciences, Inc.
|
| Issue: | Units of $50,000 in principal of convertible promissory notes and warrants for 100,000 shares
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| Amount: | $7 million (maximum)
|
| Units: | 140 (maximum)
|
| Price: | $50,000
|
| Maturity: | Aug. 2, 2007
|
| Coupon: | 10%
|
| Price: | Par
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| Yield: | 10%
|
| Conversion price: | $0.50
|
| Warrants: | For 100,000 shares per unit
|
| Warrant expiration: | May 2, 2007
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| Warrant strike price: | $0.50
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| Placement agent: | Arjent Ltd.
|
| Settlement date: | May 2 (for first tranche of $1 million)
|
| Stock symbol: | OTCBB: APDN
|
| Stock price: | $0.20 at close May 2
|
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