By Sheri Kasprzak
New York, July 27 - Advanced Viral Research Corp. settled a $2.75 million private placement of secured convertible debentures.
The company sold 9% debentures to Cornell Capital Partners, LP. The debentures were issued in two series - series A debentures for $750,000 and series B debentures for $2 million.
The debentures are due July 24, 2010.
The series A debentures are convertible into common shares at the lesser of $0.0312 each or 95% of the lowest volume weighted average price of the company's stock for the 30 trading days before conversion.
The series B debentures are convertible into common shares at the lesser of $0.0262 each or 95% of the VWAP for the 30 consecutive trading days before conversion.
Cornell also received warrants for 24,038,462 shares, exercisable at $0.0312 each and 76,335,878 shares, exercisable at $0.0262 each. Both sets of warrants expire in five years.
Advanced Viral, based in Yonkers, N.Y., develops treatments for cancer.
| Issuer: | Advanced Viral Research Corp.
|
| Issue: | Secured convertible debentures
|
| Amount: | $2.75 million - series A for $750,000; series B for $2 million
|
| Maturity: | July 24, 2010
|
| Coupon: | 9%
|
| Price: | Par
|
| Yield: | 9%
|
| Conversion price: | Series A at the lesser of $0.0312 each or 95% of the lowest VWAP for the 30 trading days before conversion; series B at the lesser of $0.0262 each or 95% of the lowest VWAP for the 30 trading days before conversion
|
| Warrants: | For 100,374,340 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.0312 for 24,038,462 shares; $0.0262 for 76,335,878 shares
|
| Investor: | Cornell Capital Partners, LP
|
| Settlement date: | July 24
|
| Stock symbol: | OTCBB: ADVR
|
| Stock price: | $0.03 at close July 24
|
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