By Devika Patel
Knoxville, Tenn., Aug. 14 - BioSyntech, Inc. said it will sell C$1.4 million of subordinated secured convertible debentures through a private placement.
ProQuest Investments III, LP, Fonds de Solidarité des travailleurs du Québec, Highland Crusader Offshore Partners, LP, A.M. Pappas Life Science Ventures III, LP and PV III CEO Fund, LP are the investors.
The 12% debentures mature on March 31, 2010. They will be sold in units consisting of C$10.00 in debentures and 91 warrants. The company plans to sell 140,000 units, each priced at C$10.00.
The seven-year warrants are exercisable at C$0.14.
The debentures are convertible into common shares at an initial conversion price of C$0.11 per share, or about 91 shares per C$10.00 of debentures.
Proceeds will be used to pursue a pivotal trial for the BST-CarGel, complete a formal review of strategic alternatives, including a commercial partnership or a corporate sale, and for general corporate purposes.
Based in Laval, Quebec, BioSyntech is a biotechnology company focused on regenerative therapies.
| Issuer: | BioSyntech, Inc.
|
| Issue: | Units of C$10.00 of subordinated secured convertible debentures and 91 warrants
|
| Amount: | C$1.4 million
|
| Units: | 140,000
|
| Price: | C$10.00
|
| Warrants: | 91 warrants per unit
|
| Warrant expiration: | Seven years
|
| Warrant strike price: | C$0.14
|
| Investors: | ProQuest Investments III, LP, Fonds de Solidarité des travailleurs du Québec, Highland Crusader Offshore Partners, LP, A.M. Pappas Life Science Ventures III, LP and PV III CEO Fund, LP
|
| Pricing date: | Aug. 14
|
| Stock symbol: | Toronto: BSY
|
| Stock price: | C$0.125 at close Aug. 14
|
| Market capitalization: | C$12.7 million
|
|
|
| Debentures
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| Maturity: | March 31, 2010
|
| Coupon: | 12%
|
| Price: | Par of C$10.00
|
| Yield: | 12%
|
| Conversion price: | C$0.11
|
| Conversion ratio: | About 91 shares per C$10.00 of debentures
|
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