By Sheri Kasprzak
New York, Oct. 18 - Avantogen Ltd. concluded a $1 million loan offering with warrants.
The 10% loan was funded by Chopin Opus One, LP. The note is due Dec. 31, 2006.
The investor received warrants for 1 million shares, exercisable at $0.60 each through Oct. 12, 2011. The warrants become exercisable on the maturity date of the loan.
The offering comes on the heels of news that Avantogen has only $200,000 to fund its operations through early November.
Los Angeles-based Avantogen develops and acquires compounds to treat cancer.
| Issuer: | Avantogen Ltd.
|
| Issue: | Loan
|
| Amount: | $1 million
|
| Maturity: | Dec. 31, 2006
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Warrants: | For 1 million shares
|
| Warrant expiration: | Oct. 12, 2011
|
| Warrant strike price: | $0.60
|
| Investor: | Chopin Opus One, LP
|
| Settlement date: | Oct. 12
|
| Stock symbol: | OTCBB: AVTO
|
| Stock price: | $0.40 at close Oct. 12
|
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