By Sheri Kasprzak
New York, Sept. 13 - Millenium Biologix Corp. concluded a C$1 million private placement of convertible debentures with two existing investors.
Half of the debentures are from the conversion of a demand loan from BML Capital I, LLP. The other half are new debentures funded by New Generation Biotech Equity Fund.
The 25% debentures are due in two years and are convertible into common shares at C$0.03 each.
Conversion becomes mandatory if the company completes a C$5 million financing.
The investors received warrants for 33,333,332 shares, exercisable at C$0.0239 each for three years.
The company hopes to sell another C$2 million in principal of the debentures.
Proceeds from the offering will be used to develop the company's core technologies and address long-term financial needs.
Kingston, Ont.-based Millenium develops and commercializes cell culture and tissue engineering systems.
Issuer: | Millenium Biologix Corp.
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Issue: | Convertible debentures
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Amount: | C$1 million
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Maturity: | Two years
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Coupon: | 25%
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Price: | Par
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Yield: | 25%
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Conversion price: | C$0.03
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Warrants: | For 33,333,332 shares
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Warrant expiration: | Three years
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Warrant strike price: | C$0.0239
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Investors: | BML Capital I, LLP and New Generation Biotech Equity Fund
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Settlement date: | Sept. 13
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Stock symbol: | Toronto: MBC
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Stock price: | C$0.01 at close Sept. 13
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