Company sells 8% notes along with four-year warrants for 83,333 shares
By Devika Patel
Knoxville, Tenn., Nov. 21 - MetaStat, Inc. sold $500,000 of convertible promissory notes on Nov. 15, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The 8% note is due on May 31, 2014, and is convertible into common shares at $1.50 per share.
Investors also received warrants for 83,333 common shares. The four-year warrants are exercisable at $2.10, which is a 32.91% premium to the Nov. 14 closing share price of $1.58. The conversion price is a 5.06% discount to that price.
MetaStat is a life science company based in The Woodlands, Texas.
| Issuer: | MetaStat, Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $500,000
|
| Maturity: | May 31, 2014
|
| Coupon: | 8%
|
| Conversion price: | $1.50
|
| Warrants: | For 83,333 shares
|
| Warrant expiration: | Four years
|
| Warrant strike price: | $2.10
|
| Announcement date: | Nov. 21
|
| Settlement date: | Nov. 15
|
| Stock symbol: | OTCBB: MTST
|
| Stock price: | $1.58 at close Nov. 14
|
| Market capitalization: | $34.35 million
|
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