By Devika Patel
Knoxville, Tenn., Oct. 2 - Northwest Biotherapeutics, Inc. said it has negotiated a $1 million loan agreement with SDS Capital Group SPC, Ltd.
The six-month loan is evidenced by a promissory note, which bears interest at 12% and matures April 1, 2009. It may not be prepaid without SDS' consent.
SDS also received a warrant for 299,046 common shares and a warrant for 398,729 shares, both of which are exercisable at $0.53 for five years.
Proceeds will be used to fund the company's cash needs into November.
Northwest is a development-stage biotechnology company based in Bothell, Wash.
| Issuer: | Northwest Biotherapeutics, Inc.
|
| Issue: | Loan evidenced by promissory note
|
| Amount: | $1 million
|
| Maturity: | April 1, 2009
|
| Coupon: | 12%
|
| Price: | Par
|
| Yield: | 12%
|
| Warrants: | For 697,775 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.53
|
| Investor: | SDS Capital Group SPC, Ltd.
|
| Pricing date: | Oct. 2
|
| Stock symbol: | OTCBB: NWBO
|
| Stock price: | $0.88 at close Oct. 1
|
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