By Sheri Kasprzak
New York, Oct. 24 - Optigenex, Inc. said it has completed a second closing of a private placement of convertible notes for $1.35 million.
The notes were purchased by AJW Offshore, Ltd.; AJW Qualified Partners, LLC; AJW Partners, LLC and New Millennium Capital Partners II, LLC.
The 8% notes mature in three years and are convertible at the lesser of $3.20 or 60% of the average of the three lowest intraday trading prices for 20 consecutive trading days before conversion.
The investors also received warrants for 210,938 shares, exercisable at $4.50 each for five years.
The first tranche of the deal was completed for $1.3 million on Aug. 31.
Based in New York, Optigenex is a biotechnology company focused on DNA-based treatments used for cell reparation.
| Issuer: | Optigenex, Inc.
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| Issue: | Convertible notes
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| Amount: | $1.35 million
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| Maturity: | Three years
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| Coupon: | 8%
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| Price: | Par
|
| Yield: | 8%
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| Conversion price: | The lesser of $3.20 or 60% of the average of the three lowest intraday trading prices for the 20 consecutive trading days before conversion
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| Warrants: | For 210,938 shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $4.50
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| Investors: | AJW Offshore, Ltd.; AJW Qualified Partners, LLC; AJW Partners, LLC and New Millennium Capital Partners II, LLC
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| Settlement date: | Oct. 21
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| Stock price: | $0.70 at close Oct. 21
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