NanoViricides prices convertible debenture offering

By Sheri Kasprzak

New York, July 13 - NanoViricides, Inc. said it plans to undertake a private placement of series A convertible debentures.

The exact amount of the debentures being offered could not be determined by press time Wednesday.

The debentures mature in one year, bear interest at 9% annually and are convertible into common shares at a price equal to the average closing price for the 15 trading days before close of the respective quarterly period. The conversion price may not exceed $0.50 per share.

NanoViricides may redeem the debentures at maturity if the conversion price is less than $0.25 per share.

Based in New York, NanoViricides develops therapeutics used to treat viruses.

On Wednesday, the company's stock closed down $0.006 at $0.214.

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