GEL Properties subscribes with 10% OID; interest payable in stock
By Susanna Moon
Chicago, Sept. 17 - Northwest Biotherapeutics, Inc. sold an $833,333.33 4% two-year convertible promissory note to GEL Properties, LLC. The note includes an original issue discount of 10%. Interest is payable in common stock.
The holder may elect to convert all or part of the note into stock, beginning on March 11, 2013, at a conversion price of 90% of the market price at the time of conversion.
The company may prepay and redeem the note at any time upon five days written notice and upon payment of 150% of the unpaid principal amount of the note.
GEL also received 30% warrant coverage, with an exercise price of $0.40. The warrant will be exercisable for 624,999 shares during a five-year exercise period.
Northwest is a development-stage biotechnology company based in Bothell, Wash.
Issuer: | Northwest Biotherapeutics, Inc.
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Issue: | Convertible promissory note
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Amount: | $833,333.33
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Maturity: | Sept. 11, 2014
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Coupon: | 4%
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Price: | 10% discount
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Call: | 150% of unpaid principal amount
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Conversion price: | At 90% of market price beginning March 11, 2013
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Warrants: | For 624,999 shares
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Warrant expiration: | Five years
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Warrant strike price: | $0.40
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Settlement date: | Sept. 11
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Announcement date: | Sept. 17
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Stock symbol: | Pink sheets: NWBO
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Stock price: | $0.29 at close Sept. 14
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Market capitalization: | $48.89 million
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