Company sells 8% 90-day convertibles along with two-year warrants
By Devika Patel
Knoxville, Tenn., March 26 - Orgenesis Inc. completed a $250,000 unsecured convertible debenture private placement with Mediapark AG on March 22, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The 8% debenture is convertible into common shares at the lower of $0.75 per share and the five-day volume-weighted average price of the stock for the five days prior to conversion. The note matures in 90 days.
Mediapark also received warrants for 100,000 common shares. Each warrant is exercisable at $0.50 for two years. The strike price is a 47.37% discount to the March 21 closing share price of $0.95.
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: | Unsecured convertible debentures
|
| Amount: | $250,000
|
| Maturity: | 90 days
|
| Coupon: | 8%
|
| Conversion price: | The lower of $0.75 per share and the five-day volume-weighted average price of the stock for the five days prior to conversion
|
| Warrants: | For 100,000 shares
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $0.50
|
| Investor: | Mediapark AG
|
| Settlement date: | March 22
|
| Stock symbol: | OTCBB: ORGS
|
| Stock price: | $0.95 at close March 21
|
| Market capitalization: | $48.62 million
|
© 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.
