By Sheri Kasprzak
New York, July 5 - Kiwa Bio-Tech Products Group Corp. wrapped a $2.45 million private placement of secured convertible notes with six institutional investors.
The investors in the offering were AJW Partners, LLC; AJW Offshore, Ltd.; AJW Qualified Partners, LLC; New Millennium Capital Partners II, LLC; Double U Master Fund LP; and Nite Capital LP.
The three-year notes, which bear interest at 6% annually, are convertible into common shares at 50% of the company's average closing stock price before conversion before the registration statement is filed. If the statement is filed before the 45-day deadline, the conversion price will be equal to 45% of the company's average closing stock price before conversion and, if the statement is declared effective before the 120-day deadline, the conversion price will be equal to 40% of the company's average closing stock price.
The investors also received warrants for 12.25 million shares, exercisable at $0.45 each.
Located in Claremont, Calif., Kiwa Bio-Tech manufactures environmentally safe products for agricultural uses, including fertilizers and pesticides.
| Issuer: | Kiwa Bio-Tech Products Group Corp.
|
| Issue: | Convertible notes
|
| Amount: | $2.45 million
|
| Maturity: | Three years
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Conversion price: | At 50% of the average closing stock price before registration statement is filed; at 45% of average closing stock price if statement is filed within 45 days; 40% of average closing stock price if statement is declared effective within 120 days
|
| Warrants: | For 12.25 million shares
|
| Warrant strike price: | $0.45
|
| Investors: | AJW Partners, LLC; AJW Offshore, Ltd.; AJW Qualified Partners, LLC; New Millennium Capital Partners II, LLC; Double U Master Fund LP; and Nite Capital LP
|
| Settlement date: | June 29
|
| Stock symbol: | OTCBB: KWBT
|
| Stock price: | $0.30 at close June 29
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
