By Devika Patel
Knoxville, Tenn., April 6 - Northwest Biotherapeutics, Inc. completed a $1.13 million private placement of shares and convertible notes on Monday, according to an 8-K filed Monday with the Securities and Exchange Commission.
Of the total proceeds, $400,000 will be raised in the United States by selling convertible notes and £500,000, or approximately $730,000, will be raised in the United Kingdom by selling shares.
The notes will mature in two years. They bear interest at 6%. Principal and interest will be convertible into 848,000 common shares at maturity at $0.53 per share.
The notes may be prepaid by the company at any time without any prepayment penalty.
The company also will sell 1,377,356 common shares in the United Kingdom at $0.53 per share for $730,000.
U.K. investors are also receiving 15% warrant coverage for 206,760 shares. The warrants are exercisable at $0.53.
Northwest is a development-stage biotechnology company based in Bothell, Wash.
| Issuer: | Northwest Biotherapeutics, Inc.
|
| Issue: | Convertible notes, shares
|
| Amount: | $1,129,998.68
|
| Settlement date: | April 6
|
| Stock symbol: | OTCBB: NWBO
|
| Stock price: | $0.66 at close April 6
|
| Market capitalization: | $28 million
|
|
|
| Convertible notes
|
| Amount: | $400,000
|
| Maturity: | Two years
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Conversion price: | $0.53
|
| Conversion ratio: | Into 848,000 shares
|
| Warrants: | No
|
|
|
| Shares
|
| Amount: | £500,000 ($729,998.68)
|
| Shares: | 1,377,356
|
| Price: | $0.53
|
| Warrants: | 15% coverage (for 206,760 shares)
|
| Warrant strike price: | $0.53
|
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