Three-year note and warrants sold to Platinum Long Term Growth in deal
By Devika Patel
Knoxville, Tenn., Aug. 2 - VistaGen Therapeutics, Inc. sold a $250,000 senior secured convertible promissory note to Platinum Long Term Growth VII, LLC on July 30, according to an 8-K filed Friday with the Securities and Exchange Commission. The deal priced July 26.
The 10% note is due on July 26, 2016 and converts to common stock.
Platinum also received a warrant for 250,000 common shares, which is exercisable at $0.50 for five years.
The strike price is a 33.33% discount to the July 25 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: | $250,000
|
| Maturity: | July 26, 2016
|
| Coupon: | 10%
|
| Warrants: | For 250,000 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.50
|
| Investor: | Platinum Long Term Growth VII, LLC
|
| Pricing date: | July 26
|
| Settlement date: | July 30
|
| Stock symbol: | OTCBB: VSTA
|
| Stock price: | $0.75 at close July 25
|
| Market capitalization: | $13.39 million
|
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