By Sheri Kasprzak
New York, March 30 - Millenia Hope Inc. said it has wrapped a $2 million private placement of secured convertible notes.
The 6% notes mature on March 27, 2009 and are convertible into common shares at the average of the lowest three trading prices for the 20 trading days before conversion.
The investors will receive warrants for 3 million shares exercisable at $0.10 each for seven years and for 3 million shares exercisable at $0.25 each for seven years.
The first $700,000 in notes was already received. The second tranche will be funded once a registration statement is filed with the Securities and Exchange Commission, and the final tranche will be funded when the statement is declared effective.
Montreal-based Millenia develops treatments for infectious diseases.
| Issuer: | Millenia Hope Inc.
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| Issue: | Secured convertible notes
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| Amount: | $2 million
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| Maturity: | March 27, 2009
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Conversion price: | Average of the lowest three trading prices for the 20 trading days before conversion
|
| Warrants: | For 6 million shares
|
| Warrant expiration: | Seven years
|
| Warrant strike price: | $0.10 for 3 million shares, $0.25 for 3 million shares
|
| Settlement date: | March 27
|
| Stock symbol: | OTCBB: MLHP
|
| Stock price: | $0.10 at close March 27
|
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