By Stephanie N. Rotondo
Portland, Ore., Sept. 2 - NXT Nutritionals Holdings Inc. wrapped a $3.17 million private placement of units, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The deal closed Aug. 27.
The company sold investment units at $50,000 each. Each unit contained a 10% three-year convertible debenture, a five-year series A warrant to purchase 100% of common stock underlying the debenture and five-year series B warrants to purchase 100% of the common stock associated with the debenture.
The debentures are convertible into common stock at $0.40 per share. The series A warrants are exercisable at $0.40 per share, and the series B warrants are exercisable at $0.60 per share.
NXT Nutritional is a Holyoke, Mass.-based developer and marketer of proprietary, patent-pending healthy alternative sweeteners, food and beverage products.
| Issuer: | NXT Nutritional Holdings Inc.
|
| Issue: | Investment units of 10% convertible debentures and two warrants
|
| Amount: | $3.17 million
|
| Price: | $50,000
|
| Warrants: | Two warrants per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.40 (series A), $0.60 (series B)
|
| Settlement date: | Aug. 27
|
| Stock symbol: | OTCBB: NXTH
|
| Stock price: | $1.33 at close Sept. 1
|
| Market capitalization: | $50.1 million
|
|
|
| Convertible debentures
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| Maturity: | Three years
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | $0.40
|
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