By Sheri Kasprzak
New York, Feb. 15 - Lotus Pharmaceuticals, Inc. concluded a $3 million private placement of secured convertible notes.
The 14% notes are due Feb. 12, 2008 and are convertible into common shares at $1.00 each. The conversion price is a 50% discount to the company's $2.00 closing stock price on Feb. 9.
The investors received warrants for 1.5 million shares, exercisable at $1.50 for five years.
Lotus, based in Boca Raton, Fla., develops over-the-counter medications for distribution to the People's Republic of China.
| Issuer: | Lotus Pharmaceuticals, Inc.
|
| Issue: | Secured convertible notes
|
| Amount: | $3 million
|
| Maturity: | Feb. 12, 2008
|
| Coupon: | 14%
|
| Price: | Par
|
| Yield: | 14%
|
| Conversion price: | $1.00
|
| Warrants: | For 1.5 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.50
|
| Settlement date: | Feb. 12
|
| Stock symbol: | OTCBB: LTUS
|
| Stock price: | $2.00 at close Feb. 12
|
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