By Devika Patel
Knoxville, Tenn., Oct. 20 - Alfacell Corp. raised $3.25 million from a private placement of units on Oct. 19, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company sold 65 units of one $50,000 5% senior secured convertible promissory note, a series A warrant and a series B warrant.
The notes mature on Oct. 19, 2012 and bear interest at 5% per year. They are convertible into common stock at $0.15 per share.
The series A warrants are exercisable for a number of shares equal to the number of shares into which the note is convertible at $0.15 for three years.
The series B warrants are exercisable for a number of shares equal to the number of shares into which the note is convertible at $0.25 for five years.
Alfacell is a Bloomfield, N.J., biopharmaceutical company focused novel therapeutics for cancer and other life-threatening diseases.
| Issuer: | Alfacell Corp.
|
| Issue: | Units of one $50,000 5% senior secured convertible promissory note, a series A warrant and a series B warrant
|
| Amount: | $3.25 million
|
| Units: | 65
|
| Price: | $50,000
|
| Warrants: | Two warrants per unit
|
| Warrant expiration: | Three years (series A), five years (series B)
|
| Warrant strike price: | $0.15 (series A), $0.25 (series B)
|
| Settlement date: | Oct. 19
|
| Stock symbol: | Pink Sheets: ACEL
|
| Stock price: | $0.34 at close Oct. 19
|
| Market capitalization: | $11.8 million
|
|
|
| Notes
|
| Maturity: | Oct. 19, 2012
|
| Coupon: | 5%
|
| Price: | Par
|
| Yield: | 5%
|
| Conversion price: | $0.15
|
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