By Devika Patel
Knoxville, Tenn., Dec. 12 - InNexus Biotechnology Inc. said it raised C$2.37 million in a sale of 10% convertible debentures. The deal priced for C$1.25 million on Nov. 7.
The debenture will mature in two years and be convertible into common shares at C$0.10 per share.
Proceeds will be used for research and development and general corporate business.
Based in Vancouver, B.C., InNexus is a biotechnology company focused on the development of the next generation of monoclonal antibodies using its Dynamic Cross-linking technology.
Issuer: | InNexus Biotechnology Inc.
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Issue: | Convertible debenture
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Amount: | C$2,368,000
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Maturity: | Two years
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Coupon: | 10%
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Price: | Par
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Yield: | 10%
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Conversion price: | C$0.10
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Warrants: | No
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Pricing date: | Nov. 7
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Settlement date: | Dec. 12
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Stock symbol: | TSX Venture: IXS
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Stock price: | C$0.075 at close Nov. 6
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