10% note due July 2, 2015 sold to Platinum Long Term Growth in deal
By Devika Patel
Knoxville, Tenn., Sept. 6 - VistaGen Therapeutics, Inc. sold a $750,000 convertible secured promissory note to Platinum Long Term Growth VII, LLC on Aug. 30, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The 10% note is due July 2, 2015.
VistaGen said it anticipates that the note and a substantially similar $500,000 convertible secured promissory note purchased by Platinum on July 2 will be rolled into a planned $3.25 million convertible secured note and warrant financing involving Platinum.
The company is a South San Francisco, Calif.-based biotechnology company focused on stem cells.
| Issuer: | VistaGen Therapeutics, Inc.
|
| Issue: | Convertible secured promissory note
|
| Amount: | $750,000
|
| Maturity: | July 2, 2015
|
| Coupon: | 10%
|
| Warrants: | No
|
| Investor: | Platinum Long Term Growth VII, LLC
|
| Settlement date: | Aug. 30
|
| Stock symbol: | OTCBB: VSTA
|
| Stock price: | $0.51 at close Aug. 29
|
| Market capitalization: | $16.18 million
|
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