By Sheri Kasprzak
Atlanta, Feb. 1 - Northwest Biotherapeutics Inc. has closed a private placement for $1.3 million.
The company sold 32.5 million shares of series A cumulative convertible preferred stock at $0.04 each to Toucan Capital Fund II LP.
The preferreds pay annual dividends of 10% and are convertible into common shares at an initial price of $0.04 each.
The offering is part of an amended agreement between Northwest and Toucan, in which the company will now raise up to $40 million in convertible preferred stock over one year.
Included in the amendment, Toucan has prevented Northwest from changing the number of its authorized directors without consent of the majority holders of series A shares. The company was permitted, though the amendment, to increase the number of directors to a maximum of seven.
Toucan also received warrants for up to 13 million series A shares at $0.04 each for seven years.
Northwest, based in Bothell, Wash., develops vaccines to kill cancer cells.
| Issuer: | Northwest Biotherapeutics Inc.
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| Issue: | Series A cumulative convertible preferred stock
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| Amount: | $1.3 million
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| Shares: | 32.5 million
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| Price: | $0.04
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| Dividends: | 10%
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| Conversion price: | $0.04
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| Warrants: | For up to 13 million series A shares
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| Warrant expiration: | Seven years
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| Warrant strike price: | $0.04
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| Investor: | Toucan Capital Fund II LP
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| Settlement date: | Jan. 26
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| Stock price: | $0.04 at close Jan. 26
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