By Sheri Kasprzak
New York, March 30 - Advanced Healthcare Group Ltd. settled a A$10 million private placement of convertible notes with Hawkbridge Private Equities.
The company will receive an initial funding of A$7.5 million from the facility, which bears interest at 10% annually and matures in four years.
The notes are convertible into common shares at the lesser of A$0.02 or 90% of the average share price over 30 trading days.
Proceeds will be used for working capital.
Located in Balcatta, Western Australia, Advanced Healthcare Group distributes pharmaceutical and other products in Indonesia and Australia and also conducts research and development on novel human and animal pharmaceutical and vaccine products.
| Issuer: | Advanced Healthcare Group Ltd.
|
| Issue: | Convertible notes
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| Amount: | A$10 million
|
| Maturity: | Four years
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| Coupon: | 10%
|
| Price: | Par
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| Yield: | 10%
|
| Conversion price: | A$0.02
|
| Warrants: | No
|
| Investor: | Hawkbridge Private Equities
|
| Settlement date: | March 30
|
| Stock symbol: | Australia: AHG
|
| Stock price: | A$0.035 at close March 30
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