By Devika Patel
Knoxville, Tenn., Jan. 15 - Cortex Pharmaceuticals, Inc. said it sold a $1.5 million 6% convertible promissory note to Samyang Optics Co., Ltd.
The note matures on Jan. 15, 2011.
The conversion price will be based upon the greater of market price per common share at closing or a 15% discount to the market price of the stock on the conversion date.
Upon conversion, Samyang will receive two-year warrants for 40% of the number of common shares issued upon conversion. The exercise price for the warrants will be a 40% premium to the price per share at which the common stock is issued upon conversion.
Proceeds will be used for general corporate purposes.
The Irvine, Calif.-based company specializes in novel drug therapies for neurological and psychiatric disorders.
| Issuer: | Cortex Pharmaceuticals, Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $1.5 million
|
| Maturity: | Jan. 15, 2011
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Warrants: | For 40% of the shares issued upon conversion of the note
|
| Investor: | Samyang Optics Co., Ltd.
|
| Settlement date: | Jan. 15
|
| Stock symbol: | OTCBB: CORX
|
| Stock price: | $0.10 at close Jan. 14
|
| Market capitalization: | $8.38 million
|
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