Offer sells 8% convertibles due Jan. 31, 2017 and three-year warrants
By Devika Patel
Knoxville, Tenn., Feb. 1 - NanoViricides, Inc. negotiated a $2 million private placement of series B unsecured convertible debentures on Feb. 1, according to an 8-K filed Friday with the Securities and Exchange Commission.
The 8% four-year debenture is convertible into common shares at $1.00 per share.
Investors will also receive 33% warrant coverage. Each warrant is exercisable at $1.00 for three years.
The strike price and conversion price is a 108.33% premium to the Jan. 31 closing share price of $0.48.
NanoViricides is a West Haven, Conn., biopharmaceutical company.
| Issuer: | NanoViricides, Inc.
|
| Issue: | Series B unsecured convertible debentures
|
| Amount: | $6 million
|
| Maturity: | Jan. 31, 2017
|
| Coupon: | 8%
|
| Conversion price: | $1.00
|
| Warrants: | 33% coverage
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $1.00
|
| Pricing date: | Feb. 1
|
| Stock symbol: | OTCBB: NNVC
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| Stock price: | $0.48 at close Jan. 31
|
| Market capitalization: | $76.06 million
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