Company also sells $100,000 8% unsecured convertibles to Mediapark
By Devika Patel
Knoxville, Tenn., Dec. 17 - Orgenesis Inc. arranged a $3 million one-year stock purchase agreement with Kodiak Capital Group LLC and a $100,000 sale of 8% unsecured convertible debentures, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
Kodiak also received 250,000 shares as a commitment fee.
Proceeds will be used for research and development and working capital.
The company also sold a $100,000 8% unsecured convertible debenture due Dec. 6, 2014 to Mediapark AG. It is convertible at 80% of the volume-weighted average price for the five trading days preceding conversion.
The White Plains, N.Y., company focuses on developing a therapeutic technology that converts a patient's own liver cells into functional insulin-producing cells as a treatment for diabetes.
| Issuer: | Orgenesis Inc.
|
| Issue: | Stock purchase agreement, unsecured convertible debenture
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| Amount: | $3.1 million
|
| Warrants: | No
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| Announcement date: | Dec. 17
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| Stock symbol: | OTCBB: ORGS
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| Stock price: | $0.56 at close Dec. 16
|
| Market capitalization: | $29.15 million
|
|
|
| Purchase agreement
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| Amount: | $3 million
|
| Tenor: | One year
|
| Warrants: | No
|
| Investor: | Kodiak Capital Group LLC
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| Fees: | 250,000 shares
|
|
|
| Debenture
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| Amount: | $100,000
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| Maturity: | Dec. 6, 2014
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| Coupon: | 8%
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| Conversion price: | 80% of the volume-weighted average price for the five trading days preceding conversion
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| Investor: | Mediapark AG
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