Deal proceeds to be used for clinical trials, research and development
By Devika Patel
Knoxville, Tenn., Jan. 20 - MabCure Inc. arranged a committed equity financing facility with Centurion Private Equity, LLC, according to an 8-K filed Thursday with the Securities and Exchange Commission. The 30-month agreement is for $10 million.
The company will sell shares to the investor at a price equal to the lesser of 97% of the "the average of the three lowest daily volume weighted average prices for the stock during the 15-trading-day period immediately following the drawdown notice date or the average of those prices minus $0.01.
As part of the transaction, Centurion also agreed to lend MabCure $100,000, which is represented by an 8% nine-month secured convertible debenture due Oct. 18, 2011.
The debenture may be converted into shares of common stock at any time. The conversion price is equal to the lesser of 90% of the average of the three lowest daily volume weighted average prices of the stock during the 15-trading-day period immediately preceding the issue date or 90% of the average of those prices during the 15-trading-day period immediately preceding the conversion date.
Proceeds will be used for clinical trials, for ongoing research and development and to support general corporate purposes.
Reno, Nev.-based MabCure is a biotechnology company.
| Issuer: | MabCure Inc.
|
| Issue: | Committed equity financing facility, secured convertible debenture
|
| Amount: | $10.1 million
|
| Warrants: | No
|
| Investor: | Centurion Private Equity, LLC
|
| Pricing date: | Jan. 20
|
| Stock symbol: | OTCBB: MBCI
|
| Stock price: | $0.43 at close Jan. 19
|
| Market capitalization: | $28.08 million
|
|
|
| Facility
|
| Amount: | $10 million
|
| Tenor: | 30 months
|
| Price: | 3% discount
|
|
|
| Convertible debenture
|
| Amount: | $100,000
|
| Maturity: | Oct. 18, 2011
|
| Coupon: | 8%
|
© 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.
