Single investor buys 8% convertible debentures, which convert to units
By Devika Patel
Knoxville, Tenn., April 26 - Anavex Life Sciences Corp. completed a $250,000 tranche of a $1 million private placement of 8% convertible debentures with a single investor on April 20, according to an 8-K filed Wednesday with the Securities and Exchange Commission. Anavex priced the placement on April 19.
The notes mature April 20, 2012 and are initially convertible into units at $3.00 per unit. Each unit consists of one common share and one warrant, with each warrant exercisable at $4.00 for two years.
The conversion price reflects a 6.38% premium to the April 18 closing share price of $2.82. The warrant strike price is a 41.84% premium to that price.
Based in Hoboken, N.J., Anavex is focused on developing and marketing drug targets for the treatment of cancer and diseases of the central nervous system.
| Issuer: | Anavex Life Sciences Corp.
|
| Issue: | Convertible debentures
|
| Amount: | $1 million
|
| Maturity: | April 20, 2012
|
| Coupon: | 8%
|
| Conversion price: | $3.00
|
| Warrants: | One per unit upon conversion
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $4.00
|
| Pricing date: | April 19
|
| Settlement date: | April 20 (for $250,000)
|
| Stock symbol: | OTCBB: AVXL
|
| Stock price: | $2.89 at close April 19
|
| Market capitalization: | $79.34 million
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