Company sells discounted 8% secured notes to Inter-Mountain Capital
By Devika Patel
Knoxville, Tenn., July 3 - Uluru Inc. settled a $2.21 million private placement of 8% secured convertible notes with Inter-Mountain Capital Corp. on June 27, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The offering will settle in seven tranches, raising $710,000 initially with six subsequent tranches each raising $250,000. The purchase price reflected a $200,000 original issue discount.
The note matures in 33 months and is initially convertible into common shares at $0.35 per share. The conversion price is a 29.63% premium to the June 26 closing share price of $0.27. The note may be prepaid.
Inter-Mountain also received warrants for 3,142,857 shares, which are each exercisable at $0.35 until June 27, 2017; the strike price is also a 29.63% premium to the June 26 closing share price.
Proceeds will be used for general corporate purposes.
"We are very pleased to have completed this financing as it provides us with the resources to introduce Altrazeal in numerous international markets," president and chief executive officer Kerry P. Gray said in a press release. "We continue to be very excited with the international opportunity for Altrazeal. The clinical results that have been generated, in both Europe and Australia, clearly demonstrate the economic benefits that Altrazeal can achieve."
Uluru, based in Addison, Texas, develops wound management, plastic surgery and oral care products.
| Issuer: | Uluru Inc.
|
| Issue: | Secured convertible note
|
| Amount: | $2.21 million
|
| Maturity: | 33 months
|
| Coupon: | 8%
|
| Price: | $200,000 discount
|
| Conversion price: | $0.35
|
| Warrants: | For 3,142,857 shares
|
| Warrant expiration: | June 27, 2017
|
| Warrant strike price: | $0.35
|
| Investor: | Inter-Mountain Capital Corp.
|
| Settlement date: | June 27
|
| Stock symbol: | OTCBB: ULUR
|
| Stock price: | $0.27 at close June 26
|
| Market capitalization: | $2.18 million
|
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