Published on 6/2/2015 in the Prospect News PIPE Daily.
Rich Pharmaceuticals wraps $362,500 private placement of convertibles
10% secured note sold to investor Typenex Co-Investment through deal
By Devika Patel
Knoxville, Tenn., June 2 – Rich Pharmaceuticals, Inc. sold a $362,500 secured convertible promissory note to Typenex Co-Investment, LLC on May 29, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The deal will settle in eight tranches.
The 10% debt is due in one year and may be converted into common shares at a conversion price equal to 65% of the market price.
The biopharmaceutical company is based in Beverly Hills, Calif.
| Issuer: | Rich Pharmaceuticals, Inc.
|
| Issue: | Secured convertible promissory note
|
| Amount: | $362,500
|
| Maturity: | One year
|
| Coupon: | 10%
|
| Conversion price: | 65% of the market price
|
| Warrants: | No
|
| Investor: | Typenex Co-Investment, LLC
|
| Settlement date: | May 29
|
| Stock symbol: | OTCBB: RCHA
|
| Market capitalization: | $519,760
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
