Company sells 5% five-year promissory notes to finance working capital
By Devika Patel
Knoxville, Tenn., Jan. 9 - RegeneRx Biopharmaceuticals, Inc. settled a $55,000 private placement of 5% convertible promissory notes with five investors on Jan. 7, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The notes mature in five years and are initially convertible into 916,667 common shares at $0.06 per share. The conversion price of the notes is a 25% discount to the Jan. 6 closing share price of $0.08. The notes may be prepaid.
Joseph C. McNay, a company director, invested $25,000. Allan L. Goldstein, the company's chairman and chief scientific officer, invested $10,000. L. Thompson Bowles, a director, 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: | $55,000
|
| Maturity: | Five years
|
| Coupon: | 5%
|
| Conversion price: | $0.06
|
| Conversion ratio: | Into 916,667 common shares
|
| Call option: | Yes
|
| Warrants: | No
|
| Investors: | Joseph C. McNay (for $25,000), Allan L. Goldstein (for $10,000) and L. Thompson Bowles (for $5,000)
|
| Settlement date: | Jan. 7
|
| Stock symbol: | OTCBB: RGRX
|
| Stock price: | $0.08 at close Jan. 6
|
| Market capitalization: | $6.56 million
|
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