Company sells 5% five-year unsecured notes to finance working capital
By Devika Patel
Knoxville, Tenn., July 11 - RegeneRx Biopharmaceuticals, Inc. settled a $100,000 private placement of 5% unsecured convertible notes on July 5, according to an 8-K filed Thursday 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 14.29% discount to the July 3 closing share price of $0.07. The note may be prepaid.
Joseph C. McNay invested $50,000, Allan L. Goldstein invested $10,000, J.J. Finkelstein invested $5,000, and L. Thompson Bowles invested $5,000.
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.
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Issue: | Unsecured convertible note
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Amount: | $100,000
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Maturity: | Five years
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Coupon: | 5%
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Conversion price: | $0.06
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Call: | Yes
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Warrants: | No
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Investors: | Joseph C. McNay (for $50,000); Allan L. Goldstein (for $10,000), J.J. Finkelstein (for $5,000) and L. Thompson Bowles (for $5,000)
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Settlement date: | July 5
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Stock symbol: | OTCBB: RGRX
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Stock price: | $0.07 at close July 3
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Market capitalization: | $6.54 million
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