By Sheri Kasprzak
New York, Feb. 6 - Advaxis, Inc. said it has settled a private placement of secured convertible debentures for $3 million.
The company issued the three-year debentures to Cornell Capital Partners, LP.
The 6% debentures are convertible into common shares at the lesser of $0.287 each or 95% of the lowest volume weighted average price of the company's stock for the 30 trading days before conversion.
Cornell will receive warrants for 4.2 million shares, exercisable at $0.287 each, and warrants for 300,000 shares, exercisable at $0.344 each.
At closing, Advaxis received $1.5 million in proceeds and will receive the other half once it files a registration statement with the Securities and Exchange Commission.
Proceeds will be used to advance the clinical development of the company's Lovaxin C product for cancer.
Princeton, N.J.-based Advaxis is a biopharmaceutical company focused on developing Listeria-based cancer vaccines and other cancer therapies.
Issuer: | Advaxis, Inc.
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Issue: | Secured convertible debentures
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Amount: | $3 million
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Maturity: | Three years
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Coupon: | 6%
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Price: | Par
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Yield: | 6%
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Conversion price: | The lesser of $0.287 or 95% of the VWAP of the company's stock for the 30 trading days before conversion
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Warrants: | For 4.5 million shares
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Warrant strike price: | $0.287 for 4.2 million shares; $0.344 for 300,000 shares
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Investor: | Cornell Capital Partners, LP
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Settlement date: | Feb. 2
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Stock symbol: | OTCBB: ADXS
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Stock price: | $0.24 at close Feb. 2
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