Notes were sold with five-year warrants for 3,425,000 common shares
By Devika Patel
Knoxville, Tenn., June 22 – Emerald Medical Applications Corp. raised $440,000 by selling one-year 8% secured convertible notes in a private placement on June 20, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The notes are convertible into common stock at the lesser of $0.40 and 77.5% of the average of the volume weighted average prices for the five trading days immediately following the first to occur of the 185th calendar day after the first effective date of the registration statement and the 275th calendar day after settlement.
The notes were sold with warrants for 3,425,000 shares. The five-year warrants are each exercisable at the lesser of $0.735, 105% of the closing price of the stock on the day before settlement and 77.5% of the average of the volume weighted average prices for the five trading days immediately following the first to occur of the 185th calendar day after the first effective date of the registration statement and the 275th calendar day after settlement.
The digital health company is based in Petah Tikva, Israel.
| Issuer: | Emerald Medical Applications Corp.
|
| Issue: | Secured convertible notes
|
| Amount: | $440,000
|
| Maturity: | One year
|
| Coupon: | 8%
|
| Conversion price: | The lesser of $0.40 and 77.5% of the average of the volume weighted average prices for the five trading days immediately following the first to occur of the 185th calendar day after the first effective date of the registration statement and the 275th calendar day after settlement
|
| Warrants: | For 3,425,000 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | The lesser of $0.735, 105% of the closing price of the stock on the day before settlement and 77.5% of the average of the volume weighted average prices for the five trading days immediately following the first to occur of the 185th calendar day after the first effective date of the registration statement and the 275th calendar day after settlement
|
| Settlement date: | June 20
|
| Stock symbol: | OTCBB: MRLA
|
| Stock price: | $0.70 at close June 17
|
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