By Laura Lutz
Des Moines, Oct. 29 - Viropro, Inc. and subsidiary Viropro International Inc. have secured a $1.5 million convertible loan from Westward Expansion Co., according to an 8-K filing with the Securities and Exchange Commission.
The loan is due on Oct. 11, 2010 and bears interest at 6% per year. Interest is payable monthly beginning on Nov. 1, 2009.
The loan is convertible into units at $0.06 per unit.
Each unit will consist of one common share and one warrant. Each warrant will be exercisable at $0.12.
Montreal-based Viropro specializes in the commercialization of biopharmaceuticals whose licenses have expired.
| Issuers: | Viropro, Inc. and subsidiary Viropro International Inc.
|
| Issue: | Loan convertible into units of one share and one warrant
|
| Amount: | $1.5 million
|
| Maturity: | Oct. 11, 2010
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Conversion price: | $0.06 per unit
|
| Warrants: | One per unit upon exchange
|
| Warrant strike price: | $0.12
|
| Investor: | Westward Expansion Co.
|
| Pricing date: | Oct. 11
|
| Settlement date: | Oct. 24
|
| Stock symbol: | OTCBB: VPRO
|
| Stock price: | $0.08 at close Oct. 24
|
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