Published on 4/6/2015 in the Prospect News PIPE Daily.
Rich Pharmaceuticals wraps $59,360 private placement of convertibles
Two 8% convertible promissory notes sold to investor Adar Bays in deal
By Devika Patel
Knoxville, Tenn., April 6 – Rich Pharmaceuticals, Inc. sold $59,360 of convertible promissory notes to Adar Bays, LLC on March 31, according to an 8-K filed Monday with the Securities and Exchange Commission.
The two 8% notes are due on Nov. 26, 2015 and March 26, 2016 and may be converted into common shares at a conversion price equal to 58% of the market price.
The biopharmaceutical company is based in Beverly Hills, Calif.
| Issuer: | Rich Pharmaceuticals, Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $59,360
|
| Maturity: | Nov. 26, 2015 and March 26, 2016
|
| Coupon: | 8%
|
| Conversion price: | 58% of the market price
|
| Warrants: | No
|
| Investor: | Adar Bays, LLC
|
| Settlement date: | March 31
|
| Stock symbol: | OTCBB: RCHA
|
| Market capitalization: | $983,772
|
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