By Devika Patel
Knoxville, Tenn., Nov. 6 - Northwest Biotherapeutics, Inc. completed a $1.65 million private placement of promissory notes, according to an 8-K filed Thursday with the Securities and Exchange Commission.
SDS Capital Group SPC, Ltd. was the investor.
The promissory notes bear interest at 12% and mature April 21, 2009. The notes may be prepaid at any time if the company chooses.
SDS also received 50% warrant coverage. The warrants are exercisable at $0.41 for five years.
Proceeds will be used for operating expenses and other obligations and to provide strategic funding for program expansions.
Northwest is a development-stage biotechnology company based in Bothell, Wash.
| Issuer: | Northwest Biotherapeutics, Inc.
|
| Issue: | Promissory notes
|
| Amount: | $1.65 million
|
| Maturity: | April 21, 2009
|
| Coupon: | 12%
|
| Price: | Par
|
| Yield: | 12%
|
| Warrants: | 50% coverage
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.41
|
| Investor: | SDS Capital Group SPC, Ltd.
|
| Settlement date: | Nov. 6
|
| Stock symbol: | OTCBB: NWBO
|
| Stock price: | $0.45 at close Nov. 5
|
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