Company sells 12% notes due July 6, 2013 to investor Hanover Holdings
By Devika Patel
Knoxville, Tenn., Dec. 10 - Advaxis Inc. settled a $100,000 private placement of convertible promissory notes with Hanover Holdings I, LLC on Dec. 6, according to an 8-K filed Monday with the Securities and Exchange Commission.
The 12% notes mature on July 6, 2013. The notes will convert to common shares at $0.03 per share. The conversion price is a 40% discount to the Dec. 5 closing share price of $0.05.
Advaxis is a biotechnology company based in Princeton, N.J., that is developing cancer vaccines.
| Issuer: | Advaxis Inc.
|
| Issue: | Convertible promissory notes
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| Amount: | $100,000
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| Maturity: | July 6, 2013
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| Coupon: | 12%
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| Conversion price: | $0.03
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| Warrants: | No
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| Investor: | Hanover Holdings I, LLC
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| Settlement date: | Dec. 6
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| Stock symbol: | OTCBB: ADXS
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| Stock price: | $0.05 at close Dec. 5
|
| Market capitalization: | $15.88 million
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