One-year notes bear interest at 10%, convertible at 65% discount
By Marisa Wong
Madison, Wis., Feb. 9 – Regen BioPharma, Inc. issued a $50,000 convertible promissory note dated Jan. 22 to Dunhill Ross Partners, Inc., a $50,000 convertible promissory note dated Jan. 28 to a Minnesota limited liability company and a $50,000 convertible promissory note dated Jan. 29 to an individual investor, according to an 8-K filing with the Securities and Exchange Commission.
Regen BioPharma issued the three convertible promissory notes on Feb. 6, each for a consideration of $50,000.
The 10% notes are due and payable at any time after Jan. 22, 2016, Jan. 28, 2016 and Jan. 29, 2016, respectively.
Each note is convertible into shares of Regen common stock at a price per share equivalent to a 65% discount to the lowest trading price during the 30-trading-day period ending on the latest complete trading day prior to conversion.
Principal and interest may be prepaid in part or in full upon at least three trading days’ prior written notice to the applicable lender.
If the lender converts principal into common stock on or prior to 180 days from the issuance date, the lender will receive one share of preferred series A stock for each share of common stock received through conversion.
Based in La Mesa, Calif., Regen Biopharma focuses on the development of translational medicine platforms for the commercialization of stem cell therapies.
| Issuer: | Regen BioPharma, Inc.
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| Issue: | Convertible promissory notes
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| Amount: | $150,000
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| Maturity: | Jan. 22, 2016, Jan. 28, 2016 and Jan. 29, 2016
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| Coupon: | 10%
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| Conversion price: | 65% discount to lowest trading price during 30-trading-day period ending on latest complete trading day prior to conversion
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| Investors: | Dunhill Ross Partners ($50,000), Minnesota limited liability company ($50,000), individual investor ($50,000)
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| Settlement date: | Feb. 6
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| Stock symbol: | OTCBB: RGBP
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| Stock price: | $0.085 at close Feb. 6
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| Market capitalization: | $4.42 million
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