By Sheri Kasprzak
New York, Sept. 7 - Optigenex, Inc. said it has completed the private placement of $4 million in convertible notes.
AJW Offshore, Ltd.; AJW Qualified Partners, LLC; AJW Partners, LLC and New Millennium Capital Partners II, LLC bought the three-year notes.
The notes bear interest at 8% annually and are convertible into common shares at the lower of $3.20 each or 40% of the average of the three lowest intraday trading prices for the 20 trading days before conversion.
The notes may be prepaid at premiums ranging from 25% to 50%, depending upon the timing of the prepayment.
The investors also will receive warrants for 210,938 shares, exercisable at $4.50 each for five years.
So far, the company has received $1.3 million of the proceeds and will receive another $1.35 million once a registration statement is filed. The remaining $1.35 million will be received once the registration statement is declared effective.
Based in New York, Optigenex develops anti-aging and cell-regeneration technologies.
| Issuer: | Optigenex, Inc.
|
| Issue: | Convertible notes
|
| Amount: | $4 million
|
| Maturity: | Three years
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | The lesser of $3.20 or 40% of the average of the three lowest intraday trading prices for the 20 trading days before conversion
|
| Call: | May be prepaid at premiums ranging from 25% to 50%
|
| Warrants: | For 210,938 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $4.50
|
| Investors: | AJW Offshore, Ltd.; AJW Qualified Partners, LLC; AJW Partners, LLC and New Millennium Capital Partners II, LLC
|
| Settlement date: | Aug. 31
|
| Stock price: | $2.96 at close Aug. 31
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
