By Sheri Kasprzak
New York, June 16 - Applied DNA Sciences, Inc. settled the second tranche of its previously announced $7 million private placement for $2.95 million.
The company sold 59 units at $50,000 each in the second tranche.
Each unit includes $50,000 in principal of convertible notes and a warrant for 100,000 shares.
The notes bear interest at 10% annually, mature Aug. 2, 2007 and are convertible at $0.50 each.
The warrants are exercisable at $0.50 each through June 15, 2009. The warrants, however, do not become exercisable until May 2, 2007.
Arjent Ltd. was the placement agent.
The first tranche for 20 units wrapped on May 2.
Located in New York, Applied DNA develops DNA-embedded security products used to protect corporate and intellectual property.
| Issuer: | Applied DNA Sciences, Inc.
|
| Issue: | Units of $50,000 in principal of convertible promissory notes and warrants for 100,000 shares
|
| Amount: | $2.95 million
|
| Units: | 59
|
| Price: | $50,000
|
| Maturity: | Aug. 2, 2007
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | $0.50
|
| Warrants: | For 100,000 shares per unit
|
| Warrant expiration: | May 2, 2007
|
| Warrant strike price: | $0.50
|
| Placement agent: | Arjent Ltd.
|
| Settlement date: | June 15 (for second tranche)
|
| Stock symbol: | OTCBB: APDN
|
| Stock price: | $0.175 at close June 15
|
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