Published on 5/12/2016 in the Prospect News PIPE Daily.
Boston Therapeutics raises another $100,000 in 10% convertibles sale
Three-year convertible promissory notes sold to CJY via placement
By Devika Patel
Knoxville, Tenn., May 12 – Boston Therapeutics, Inc. sold another $100,000 convertible promissory note to CJY Holdings Ltd. for a total private placement of $1,702,000 on May 6, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The investor bought $750,000 of the convertibles on Sept. 24, 2015, invested another $300,000 on Oct. 20, 2015, bought $150,000 of convertibles on Nov. 30, 2015 and invested $250,000 on March 1. The company raised another $152,000 on March 11. The placement originally was to raise $1.2 million but was increased to $1.45 million on March 1, to $1,602,000 on March 11 and to its current size on May 6.
The 10% note is due in three years and is convertible into common shares at $0.05 per share. The conversion price is a 61.54% discount to the Sept. 23 closing share price of $0.13.
The Manchester, N.H., company makes and commercializes therapeutic drugs and dietary supplements with a focus on glyco-pathology, a specialized field involving understanding the importance of carbohydrates in biochemistry and progression of diseases.
| Issuer: | Boston Therapeutics, Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $1,702,000
|
| Maturity: | Three years
|
| Coupon: | 10%
|
| Conversion price: | $0.05
|
| Warrants: | No
|
| Investor: | CJY Holdings Ltd.
|
| Upsized: | March 1, March 11
|
| Settlement dates: | Sept. 24, 2015 (for $750,000), Oct. 20, 2015 (for $300,000), Nov. 30, 2015 (for $150,000), March 1 (for $250,000), March 11 (for $152,000), May 6 (for $100,000)
|
| Stock symbol: | OTCBB: BTHE
|
| Stock price: | $0.13 at close Sept. 23
|
| Market capitalization: | $1.97 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
