Series G preferreds convert to stock at $0.06 per share, a 20% premium
By Devika Patel
Knoxville, Tenn., April 27 – Amarantus Bioscience Holdings, Inc. said it completed a $5 million private placement of its 8.25% series G convertible preferred stock with Discover Growth Fund.
The preferreds convert to common stock at $0.06 per share and will automatically convert at maturity in six years. The conversion price is a 20% premium to the April 24 closing share price of $0.05. The preferreds may be repurchased at 120.
Proceeds will be used for development and commercialization of drug candidates and neurology diagnostic products and general working capital purposes.
The biotechnology company is based in Sunnyvale, Calif.
| Issuer: | Amarantus Bioscience Holdings, Inc.
|
| Issue: | Series G convertible preferred shares
|
| Amount: | $5 million
|
| Maturity: | Six years
|
| Dividends: | 8.25%
|
| Conversion price: | $0.06
|
| Call: | At 120
|
| Warrants: | No
|
| Investor: | Discover Growth Fund
|
| Settlement date: | April 27
|
| Stock symbol: | OTCBB: AMBS
|
| Stock price: | $0.05 at close April 24
|
| Market capitalization: | $50.88 million
|
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