By Sheri Kasprzak
Atlanta, Nov. 16 - Orbus Pharma Inc. said Tuesday it has received C$5 million from the sale of convertible debentures in a private placement.
The 8% debentures are convertible into common shares at C$0.60 for four years. The deal also includes warrants for 5 million shares at C$0.75, exercisable any time before Dec. 31, 2006.
The Toronto-based pharmaceutical manufacturer plans to use the proceeds from the financing for generic drug developments and general working capital.
| Issuer: | Orbus Pharma
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| Issue: | Convertible debentures
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| Amount: | C$5 million
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| Conversion price: | C$0.60 for four years
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| Coupon: | 8.00%
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| Warrants: | For 5 million shares
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| Warrant expiration: | Dec. 31, 2006
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| Warrant strike price: | C$0.75
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| Announcement date: | Nov. 16
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| Stock price: | C$0.50 at close Nov. 15
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