By Sheri Kasprzak
Atlanta, Dec. 27 - Orbus Pharma Inc. said it closed a private placement for C$5.3 million.
The company sold C$5.3 million in secured convertible subordinated debentures.
The four-year debentures bear interest at 8% annually and are convertible into common shares at C$0.60.
The offering also included warrants for 5.3 million shares at C$0.75 each exercisable through Dec. 31, 2006.
The deal was originally announced Nov. 16 as a C$5 million offering.
The Toronto-based pharmaceutical manufacturer plans to use the proceeds from the financing for generic drug developments and general working capital.
| Issuer: | Orbus Pharma Inc.
|
| Issue: | Secured convertible subordinated debentures
|
| Amount: | C$5.3 million
|
| Maturity: | Four years
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | C$0.60
|
| Warrants: | For 5.3 million shares
|
| Warrant expiration: | Dec. 31, 2006
|
| Warrant strike price: | C$0.75
|
| Announcement date: | Nov. 16
|
| Settlement date: | Dec. 24
|
| Stock price: | C$0.50 at close Nov. 15
|
| Stock price: | C$0.50 at close Dec. 24
|
|
|
© 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.
