By Sheri Kasprzak
Atlanta, Feb. 3 - Lifeline Therapeutics Inc. said it has raised $1,585,000 from a bridge loan convertible into units.
The funds were received between Oct. 26 and Jan. 31.
The loan matures the earlier of six months or the first closing of a conversion of the loan into units and bears interest at 10% annually.
The loan is convertible into units at $20,000 each. The units include 10,000 common shares and 10,000 warrants. The warrants allow for one share at $2.50 each for three years.
In the offering, the investors also received warrants equal to one half of the principal amount at $2 each for three years.
Based in Englewood, Colo., Lifeline is a nutriceuticals company focused on energy enhancing products.
| Issuer: | Lifeline Therapeutics Inc.
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| Issue: | Bridge loan
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| Amount: | $1,585,000
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| Maturity: | Six months or first closing
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| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
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| Conversion price: | $20,000 (into units of 10,000 shares and 10,000 warrants)
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| Unit warrants: | 10,000 per unit
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| Warrant expiration: | Three years
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| Warrant strike price: | $2.50
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| Warrants: | For one half of the principal amount
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| Warrant expiration: | Three years
|
| Warrant strike price: | $2.00
|
| Announcement date: | Feb. 3
|
| Stock price: | $6.95 at close Feb. 3
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