By Devika Patel
Knoxville, Tenn., June 6 - ViRexx Medical Corp. said it has arranged a C$1 million convertible loan secured by a convertible debenture with LM Funds Corp.
The debenture matures in two years and interest accrues at 6% per annum.
The interest can be repaid in cash or converted into common shares at C$0.10 per share, the conversion price.
Each share issued upon conversion is accompanied by a one half-share warrant. Each full warrant will be exercisable at C$0.15 for one year.
Based in Edmonton, Alta., ViRexx develops treatments for cancers and hepatitis B and C.
| Issuer: | ViRexx Medical Corp.
|
| Issue: | Convertible debentures, convertible into common shares, each accompanied by a half-share warrant
|
| Amount: | C$1 million
|
| Maturity: | Two years
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Conversion price: | C$0.10
|
| Warrants: | One half-share warrant upon conversion
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.15
|
| Investor: | LM Funds Corp.
|
| Pricing date: | June 6
|
| Stock symbol: | Toronto: VIR
|
| Stock price: | C$0.06 at close June 5
|
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