By Laura Lutz
Des Moines, Oct. 24 - QuantRx Biomedical Corp. raised $1 million from the first tranche of a $2 million private placement of senior secured convertible promissory notes, according to an 8-K filing with the Securities and Exchange Commission.
QuantRx also issued warrants for 250,000 shares in the first tranche. The warrants will be exercisable at $1.25 until 2012.
The notes mature on Oct. 31, 2008 and bear interest at 10% per year.
Holders may convert the notes into common stock at a conversion price of $0.80 per share.
If QuantRx completes an equity-based financing for at least $4 million, the notes will be automatically converted into the securities issued in the financing.
The notes will be issued in multiple tranches until the placement is completed.
Based in Doylestown, Pa., QuantRx develops medical diagnostic products for professional and consumer use.
| Issuer: | QuantRx Biomedical Corp.
|
| Issue: | Senior secured convertible promissory notes
|
| Amount: | $2 million
|
| Maturity: | Oct. 31, 2008
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | $0.80
|
| Warrants: | For 250,000 shares (in first tranche)
|
| Warrant expiration: | 2012
|
| Warrant strike price: | $1.25
|
| Settlement date: | Oct. 16 (for $1 million)
|
| Stock symbol: | OTCBB: QTXB
|
| Stock price: | $0.69 at close Oct. 24
|
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