By Devika Patel
Knoxville, Tenn., May 18 - TapImmune Inc. sold $1.53 million in one-year senior secured convertible notes in a private placement on May 17, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The one-year notes were sold in exchange for $925,000 in cash and the conversion of a $350,000 due debenture. They have no interest except in default, in which case interest will accrue at 18% per annum.
The notes may initially be converted into common stock at $0.30 per share.
The investors also received five-year series A warrants for 6,375,000 shares, 18-month series B warrants for 5.1 million shares and five-year series C warrants for 6,375,000 shares. All of the warrants are exercisable at $0.30.
TapImmune is a biotechnology company based in Bellevue, Nev.
| Issuer: | TapImmune Inc.
|
| Issue: | Senior secured convertible notes
|
| Amount: | $1.53 million
|
| Maturity: | One year
|
| Price: | $925,000 in cash and conversion of a $350,000 debenture
|
| Conversion price: | $0.30
|
| Warrants: | For 17.85 million shares
|
| Warrant expiration: | Five years (for 12.75 million shares), 18 months (for 5.1 million shares)
|
| Warrant strike price: | $0.30
|
| Settlement date: | May 17
|
| Stock symbol: | OTCBB: TPIV
|
| Stock price: | $0.28 at close May 17
|
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