Deal funds production, marketing and distribution of Nyloxin products
By Devika Patel
Knoxville, Tenn., Nov. 12 - Nutra Pharma Corp. arranged a $10 million equity line of credit with Lincoln Park Capital Fund, LLC on Nov. 8, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company will sell the common shares to Lincoln Park over 30 months in tranches of up to $500,000. It has already sold $200,000 in shares to the investor, which consisted of 1,666,667 shares.
The purchase price for the shares will be based on market prices without any fixed discount. Lincoln Park received 400,000 shares as a commitment fee.
Lincoln Park will also receive warrants. It received 1,666,667 warrants in the initial tranche, which are each exercisable at $0.15.
Proceeds will be used for the production, marketing and distribution of the company's Nyloxin branded products both domestically and internationally.
Nutra Pharma is a biopharmaceutical company located in Boca Raton, Fla.
Issuer: | Nutra Pharma Corp.
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Issue: | Equity line of credit
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Amount: | $10 million
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Tenor: | 30 months
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Price: | No fixed discount
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Warrants: | 1,666,667
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Warrant strike price: | $0.15
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Investor: | Lincoln Park Capital Fund, LLC
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Fees: | 400,000 shares
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Pricing date: | Nov. 8
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Settlement date: | Nov. 8 (for $200,000)
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Stock symbol: | OTCBB: NPHC
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Stock price: | $0.15 at close Nov. 8
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Market capitalization: | $38.39 million
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