By Sheri Kasprzak
New York, Dec. 4 - Nuway Medical, Inc. said it has raised only $184,000 so far from a planned $1 million private placement of convertible notes.
The offering, priced in September, will expire Dec. 30 unless it is extended by the company.
Between Nov. 18 and Nov. 30, 10 outside investors bought $184,000 in principal of the 10% notes, which are due Sept. 13, 2008. The notes are convertible into common shares at $0.0275 each.
The investors will receive warrants exercisable at $0.05 each through Sept. 13, 2009.
Located in Irvine, Calif., Nuway does not presently have significant operations.
| Issuer: | Nuway Medical, Inc.
|
| Issue: | Convertible notes
|
| Amount: | $1 million
|
| Maturity: | Sept. 13, 2008
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | $0.0275
|
| Warrants: | Undetermined number
|
| Warrant expiration: | Sept. 13, 2009
|
| Warrant strike price: | $0.05
|
| Announcement date: | Dec. 4
|
| Stock symbol: | Pink Sheets: NMED
|
| Stock price: | $0.015 at close Dec. 4
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
