By Sheri Kasprzak
New York, April 16 - Avicena Group, Inc. plans to raise up to $8 million in a private placement of series B convertible preferred stock.
The offering is expected to include up to 1.6 million shares of the 10% preferreds.
The preferreds are convertible into common shares at $5.00 each.
Investors will also receive warrants for 800,000 shares, exercisable at $7.00 each for five years.
Blackwater Capital Group, Inc. is the placement agent.
The offering is expected to close May 21.
The placement is in addition to the $2 million in series B convertible preferreds Avicena wrapped in late March.
Located in Palo Alto, Calif., Avicena Group is a biotechnology company focused on developing treatments for neurological disorders.
| Issuer: | Avicena Group, Inc.
|
| Issue: | Series B convertible preferred stock
|
| Amount: | $8 million
|
| Shares: | 1.6 million
|
| Price: | $5.00
|
| Dividends: | 10%
|
| Conversion price: | $5.00
|
| Warrants: | For 800,000 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $7.00
|
| Agent: | Blackwater Capital Group, Inc.
|
| Announcement date: | April 16
|
| Settlement date: | May 21
|
| Stock symbol: | OTCBB: AVGO
|
| Stock price: | $5.45 at close April 16
|
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