Promissory notes due Jan. 22, 2017 sold by agent Newbridge in offering
By Devika Patel
Knoxville, Tenn., July 24 – Aytu Bioscience Inc. raised $2 million in an initial tranche of a $6 million private placement of convertible promissory notes on July 22, according to an 8-K filed Friday with the Securities and Exchange Commission. Newbridge Securities Corp. was the agent.
The notes mature on Jan. 22, 2017 and will convert to common shares at $4.63 per share.
The notes accrue interest at 8% in the first six months and at 12% after that period.
Proceeds will be used for clinical studies, working capital and general corporate purposes.
The healthcare company is headquartered in Englewood, Colo.
Issuer: | Aytu Bioscience Inc.
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Issue: | Convertible promissory notes
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Amount: | $6 million
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Maturity: | Jan. 22, 2017
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Coupon: | 8% in the first six months, 12% after six months
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Conversion price: | $4.63
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Conversion premium: | 21.07%
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Warrants: | No
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Agent: | Newbridge Securities Corp.
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Settlement date: | July 22 (for $2 million)
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Stock symbol: | OTCBB: AYTU
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Stock price: | $0.38 at close July 21
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Market capitalization: | $373.23 million
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