By Sheri Kasprzak
Atlanta, June 3 - Ortec International, Inc. said it has raised $3,186,000 in a private placement.
The company sold 8% promissory notes, which automatically convert into shares if the company completes an equity financing of at least $5 million at a conversion price equal to the price per share from the subsequent offering. The notes are due Dec. 31, 2005.
In consideration for the offering, Ortec dropped the exercise price on warrants for 11,983,445 shares issued from a private placement on Jan. 5. The exercise price was dropped to $0.001 from $1.80 and $1.50 each.
Ortec, based in New York, is a tissue-engineering company focused on products and technologies that repair and regenerate human tissue.
| Issuer: | Ortec International, Inc.
|
| Issue: | Promissory note
|
| Amount: | $3,186,000
|
| Maturity: | Dec. 31, 2005
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | A price equal to the price per share from a subsequent financing for at least $5 million
|
| Warrants: | No
|
| Settlement date: | May 27
|
| Stock price: | $0.31 at close May 27
|
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