Offering with Dolphin includes five-year warrants for 654,540 shares
By Devika Patel
Knoxville, Tenn., Aug. 5 – MetaStat, Inc. settled a $1.2 million private placement of promissory notes with Dolphin Offshore Partners, LP on July 31, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The 8% notes mature on July 30, 2016 and may be prepaid.
In addition, Dolphin received warrants for 654,540 common shares. The warrants are each exercisable at $0.55 until July 30, 2020. The strike price is a 120% premium to the July 30 closing share price of $0.25.
Proceeds will be used for working capital and general corporate purposes.
MetaStat is a life science company based in the Woodlands, Texas.
| Issuer: | MetaStat, Inc.
|
| Issue: | Promissory notes
|
| Amount: | $1.2 million
|
| Maturity: | July 30, 2016
|
| Coupon: | 8%
|
| Call: | Yes
|
| Warrants: | For 654,540 shares
|
| Warrant expiration: | July 30, 2020
|
| Warrant strike price: | $0.55
|
| Investor: | Dolphin Offshore Partners, LP
|
| Settlement date: | July 31
|
| Stock symbol: | OTCBB: MTST
|
| Stock price: | $0.25 at close July 30
|
| Market capitalization: | $6.91 million
|
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