10% notes are being sold with five-year warrants for 600,000 shares
By Devika Patel
Knoxville, Tenn., June 27 - Omni Bio Pharmaceutical, Inc. completed a $600,000 private placement of senior secured convertible promissory notes with BOCO Investments, LLC on Oct. 31, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The 10% notes each convert to common stock at $1.00 per share, which is a 233.33% premium to the Oct. 26 closing share price of $0.30.
The notes mature on Oct. 31, 2015, and may be prepaid.
BOCO also received warrants for 600,000 shares. The warrants are each exercisable at $1.50 through Oct. 31, 2017. The strike price is a 400% premium to the Oct. 26 closing share price.
Proceeds will be used for general working capital purposes and research and development projects.
The biopharmaceutical company is based in Greenwood Village, Colo.
| Issuer: | Omni Bio Pharmaceutical, Inc.
|
| Issue: | Senior secured convertible promissory note
|
| Amount: | $600,000
|
| Maturity: | Oct. 31, 2015
|
| Coupon: | 10%
|
| Conversion price: | $1.00
|
| Call: | Yes
|
| Warrants: | For 600,000 shares
|
| Warrant expiration: | Oct. 31, 2017
|
| Warrant strike price: | $1.50
|
| Investor: | BOCO Investments, LLC
|
| Settlement dates: | Oct. 31
|
| Stock symbol: | OTCBB: OMBP
|
| Stock price: | $0.30 at close Oct. 26
|
| Market capitalization: | $9.61 million
|
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