By Sheri Kasprzak
New York, March 6 - MultiCell Technologies, Inc. entered into an agreement with La Jolla Cove Investors for a $2.1 million private placement of convertible debentures.
The investor has agreed to buy three debentures - two in principal of $1 million each and one in principal of $100,000.
The two $1 million debentures bear interest at 7.75% annually and are due in one year. The $100,000 debenture is due February 2012 and bears interest at 4.75% annually.
The conversion price of the debentures could not be determined by press time Tuesday evening.
The investor also received warrants for 10 million shares, exercisable at $1.09 each for five years.
Proceeds will be used for the development of the company's MCT-125 product, its phase 2b drug for the treatment of chronic fatigue in patients with multiple sclerosis, and MCT-475/MCT-465, the company's therapies for colorectal cancer.
San Diego-based MultiCell develops treatments for multiple sclerosis and certain types of cancer.
First issue
| Issuer: | MultiCell Technologies, Inc.
|
| Issue: | Convertible debentures
|
| Amount: | $2 million
|
| Maturity: | One year
|
| Coupon: | 7.75%
|
| Price: | Par
|
| Yield: | 7.75%
|
| Warrants: | For 10 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.09
|
| Investor: | La Jolla Cove Investors
|
| Settlement date: | March 6
|
| Stock symbol: | OTCBB: MCET
|
| Stock price: | $0.20 at close March 6
|
|
|
| Second issue
|
| Issuer: | MultiCell Technologies, Inc.
|
| Issue: | Convertible debentures
|
| Amount: | $100,000
|
| Maturity: | February 2012
|
| Coupon: | 4.75%
|
| Price: | Par
|
| Yield: | 4.75%
|
| Warrants: | See above
|
| Investor: | La Jolla Cove Investors
|
| Settlement date: | March 6
|
| Stock symbol: | OTCBB: MCET
|
| Stock price: | $0.20 at close March 6
|
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