By Sheri Kasprzak
New York, Oct. 5 - MultiCell Technologies, Inc. sealed an $8 million equity line with Fusion Capital Fund II, LLC.
Over the next 25 months, Fusion may buy up to 8 million common shares of MultiCell. The price per share will be determined based upon the market price at the time of a draw without a fixed discount. Fusion may not buy shares of MultiCell on any business day the stock trades below $0.20.
As part of the agreement, Fusion received 1,572,327 common shares.
Proceeds will be used to advance the company's MCT-125 product to treat fatigue in multiple sclerosis to phase 2b/3.
Based in Lincoln, R.I., MultiCell develops treatments for central nervous system disorders like multiple sclerosis.
| Issuer: | MultiCell Technologies, Inc.
|
| Issue: | Equity line
|
| Amount: | $8 million
|
| Tenor: | 25 months
|
| Shares: | Up to 8 million
|
| Price: | Based upon current market price at time of a draw without a fixed discount
|
| Warrants: | No
|
| Investor: | Fusion Capital Fund II, LLC
|
| Settlement date: | Oct. 5
|
| Stock symbol: | OTCBB: MCET
|
| Stock price: | $0.40 at close Oct. 5
|
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