By Sheri Kasprzak
New York, April 5 - Avicena Group, Inc. settled a private placement of series B convertible preferred stock for $2 million.
The company sold 400,000 shares of the preferreds at $5.00 each.
The 10% preferreds are convertible into common shares at $5.00 each.
The investors also received warrants for 200,000 shares, exercisable at $7.00 each for five years.
Located in Palo Alto, Calif., Avicena Group is a biotechnology company focused on developing treatments for neurological disorders.
Issuer: | Avicena Group, Inc.
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Issue: | Series B convertible preferred stock
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Amount: | $2 million
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Shares: | 400,000
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Price: | $5.00
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Dividends: | 10%
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Conversion price: | $5.00
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Warrants: | For 200,000 shares
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Warrant expiration: | Five years
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Warrant strike price: | $7.00
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Settlement date: | March 30
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Stock symbol: | OTCBB: AVGO
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Stock price: | $5.25 at close March 30
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