BioCurex once again amends remaining convertibles to cure default

By Devika Patel

Knoxville, Tenn., Sept. 8 - BioCurex Inc. once again amended some of its convertible notes on Aug. 31, according to an 8-K filed Tuesday with the Securities and Exchange Commission.

The notes had previously been amended on Feb. 3 to defer principal and interest payments until May. Those payments, Tuesday's filing noted, have not yet been made.

The $3 million of notes were sold in a June 2007 private placement. There are $1.96 million of notes remaining outstanding.

Beginning on May 1, the company was required to pay the noteholders $100,000 each month, plus accrued interest.

Under the Aug. 31 amendment, all defaults will be waived provided that the company receives at least $350,000 through a promissory notes sale by Oct. 1, it raises at least $3 million in a public sale of securities, most likely units, and uses the greater of $600,000 or 20% of the proceeds from the sale to repay the notes.

If the offering settles by Feb. 19, the notes' conversion price will be adjusted. The new conversion price will be based on the share and warrant price of the offering.

The notes are convertible now at $0.14 per share, but this price and the strike price of warrants held by the investors may be lowered due to equity dilution.

BioCurex is a Richmond, B.C., biotechnology company focused on cancer diagnosis, imaging and therapy.

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