$10 million equity line of credit finances production and marketing
A story in the Nov. 15 edition of the Prospect News PIPE Daily incorrectly described the units issued by Nutra Pharma Corp. A corrected version of the story follows:
By Devika Patel
Knoxville, Tenn., Nov. 16 - Nutra Pharma Corp. sold $200,000 of units to Lincoln Park Capital Fund LLC as part of an initial investment tied to a $10 million committed equity facility. The facility was arranged Nov. 8, the company reported on Nov. 12.
The company will sell equity to Lincoln Park over 30 months in tranches of up to $500,000. The initial $200,000 investment consisted of 1,666,667 units and 1,666,667 warrants, which are exercisable at $0.15.
The purchase price for the equity will be based on market prices without any fixed discount. Lincoln Park received 400,000 shares as a commitment fee.
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.
|
| Issue: | Equity line of credit
|
| Amount: | $10 million
|
| Tenor: | 30 months
|
| Price: | No fixed discount
|
| Warrants: | 1,666,667
|
| Warrant strike price: | $0.15
|
| Investor: | Lincoln Park Capital Fund, LLC
|
| Fees: | 400,000 shares
|
| Pricing date: | Nov. 8
|
| Settlement date: | Nov. 8 (for $200,000)
|
| Stock symbol: | OTCBB: NPHC
|
| Stock price: | $0.15 at close Nov. 8
|
| Market capitalization: | $34.55 million
|
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