Promissory notes due Jan. 22, 2017 sold by agent Newbridge in offering
By Devika Patel
Knoxville, Tenn., Sept. 2 – Aytu Bioscience Inc. completed a $2 million final tranche of a $5.18 million private placement of convertible promissory notes on Sept. 2, according to an 8-K filed Wednesday with the Securities and Exchange Commission. Newbridge Securities Corp. was the agent for the deal, which raised $2 million on July 22 and about $1.2 million on Aug. 11. The offering was slated to raise up to $6 million.
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 based in Englewood, Colo.
| Issuer: | Aytu Bioscience Inc.
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| Issue: | Convertible promissory notes
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| Amount: | $5,175,000
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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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| Warrants: | No
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| Agent: | Newbridge Securities Corp.
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| Settlement date: | July 22 (for $2 million), Aug. 11 (for about $1,750,000), Sept. 2 (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: | $520.79 million
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