Company sells 5% five-year promissory notes to finance working capital
By Devika Patel
Knoxville, Tenn., Sept. 17 - RegeneRx Biopharmaceuticals, Inc. settled a $321,000 private placement of 5% convertible promissory notes on Sept. 12, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The notes mature in five years and are convertible into 5.35 million common shares at $0.06 per share. The conversion price of the notes is a 14.29% discount to the Sept. 11 closing share price of $0.07. The notes may be prepaid.
SINAF SA invested $150,000, Joseph C. McNay invested $100,000, Allan L. Goldstein invested $11,000, L. Thompson Bowles invested $5,000 and R. Don Elsey 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.
|
| Issue: | Convertible promissory notes
|
| Amount: | $321,000
|
| Maturity: | Five years
|
| Coupon: | 5%
|
| Conversion price: | $0.06
|
| Conversion ratio: | Into 5.35 million common shares
|
| Call: | Yes
|
| Warrants: | No
|
| Investors: | SINAF SA (for $150,000), Joseph C. McNay (for $100,000), Allan L. Goldstein (for $11,000), L. Thompson Bowles (for $5,000) and R. Don Elsey (for $5,000)
|
| Settlement date: | Sept. 12
|
| Stock symbol: | OTCBB: RGRX
|
| Stock price: | $0.07 at close Sept. 11
|
| Market capitalization: | $5.96 million
|
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