New Issue: Napo pockets $2.03 million from convertible debt, stock sale

By Devika Patel

Knoxville, Tenn., June 23 - Napo Pharmaceuticals, Inc. announced it settled a $2.03 million private placement of convertible debt and stock.

The notes mature in one year and carry an 8% coupon, payable in cash or common shares.

The notes are convertible into up to 10,189,366 common shares, at 9.85p per share.

The company also raised $50,000 by selling 507,614 common shares at 9.85p.

Based in South San Francisco, Calif., Napo focuses on the development and commercialization of proprietary pharmaceuticals for the global market.

Issuer:	Napo Pharmaceuticals, Inc.
Issue:	Convertible debt, common shares, warrants
Amount:	$2,029,999.979
Warrants:	No
Settlement date:	June 23
Stock symbol:	London: NAPL
Stock price:	11.5p at close June 23
Convertible debt
Amount:	$1.98 million (approximately)
Maturity:	2009
Coupon:	8%
Price:	Par
Yield:	8%
Conversion price:	9.85p
Shares
Amount:	$49,999.979
Shares:	507,614
Price:	9.85p

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