Three-year note and warrants sold to Platinum Long Term Growth
By Devika Patel
Knoxville, Tenn., Oct. 22- VistaGen Therapeutics, Inc. sold a $500,000 senior secured convertible promissory note to Platinum Long Term Growth VII, LLC on Oct. 19, according to an 8-K filed Monday with the Securities and Exchange Commission. The deal priced on Oct. 11.
The note is due in three years and converts to common stock at $0.50 per share.
Platinum also received a warrant for 500,000 common shares, which is exercisable at $1.50 for five years.
The conversion price and strike price reflect a 33.33% discount and 100% premium to the Oct. 10 closing share price of $0.75.
The company is a South San Francisco, Calif.-based biotechnology company focused on stem cells.
| Issuer: | VistaGen Therapeutics, Inc.
|
| Issue: | Senior secured convertible promissory note
|
| Amount: | $500,000
|
| Maturity: | Three years
|
| Conversion price: | $0.50
|
| Warrants: | For 500,000 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.50
|
| Investor: | Platinum Long Term Growth VII, LLC
|
| Pricing date: | Oct. 11
|
| Settlement date: | Oct. 19
|
| Stock symbol: | OTCBB: VSTA
|
| Stock price: | $0.75 at close Oct. 10
|
| Market capitalization: | $12.09 million
|
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