Company sells 5% five-year unsecured notes to finance working capital
By Devika Patel
Knoxville, Tenn., April 3 - RegeneRx Biopharmaceuticals, Inc. settled a $225,000 private placement of 5% unsecured convertible notes on March 29, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The note matures in five years and is convertible into 3.75 million common shares at $0.06 per share. The conversion price of the notes is a 33.33% discount to the March 28 closing share price of $0.09. The note may be prepaid.
Joseph C. McNay invested $50,000, and Allan L. Goldstein invested $25,000.
Proceeds will be used to pay liabilities and for working capital, operating expenses and general corporate purposes.
The biopharmaceuticals developer is based in Rockville, Md.
| Issuer: | RegeneRx Biopharmaceuticals, Inc.
|
| Issue: | Unsecured convertible note
|
| Amount: | $225,000
|
| Maturity: | Five years
|
| Coupon: | 5%
|
| Conversion price: | $0.06
|
| Call: | Yes
|
| Warrants: | No
|
| Investors: | Joseph C. McNay (for $50,000); Allan L. Goldstein (for $25,000)
|
| Settlement date: | March 29
|
| Stock symbol: | OTCBB: RGRX
|
| Stock price: | $0.09 at close March 28
|
| Market capitalization: | $6.47 million
|
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