By Sheri Kasprzak
New York, April 16 - Viragen, Inc. wrapped a $3 million private placement of units comprised of series K cumulative convertible preferred stock and warrants.
The company sold 30,000 units to RAB Capital plc, a London-based institutional investor.
The 18% preferreds are convertible into common shares at $0.10 each.
Each unit also included warrants for 500 shares, exercisable at $0.10 apiece for five years.
Proceeds will be used for manufacturing and licensing its Multiferon product, as well as for candidate research and development programs and for working capital.
Based in Plantation, Fla., Viragen develops treatments for cancer and viral diseases.
| Issuer: | Viragen, Inc.
|
| Issue: | Units of series K cumulative convertible preferred stock and 500 warrants
|
| Amount: | $3 million
|
| Units: | 30,000
|
| Price: | $100
|
| Dividend: | 18%
|
| Conversion price: | $0.10
|
| Warrants: | For 500 shares per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.10
|
| Investor: | RAB Capital plc
|
| Settlement date: | April 16
|
| Stock symbol: | Amex: VRA
|
| Stock price: | $0.086 at close April 13
|
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