By Sheri Kasprzak
Atlanta, March 8 - GlycoGenesys Inc. said it plans to raise up to $6.5 million in a private placement of series D preferred stock.
The company will sell 6,500 shares of the preferreds at $1,000 each to Bristol Investment Fund Ltd.; Panacea Fund LLC; WHI Growth Fund LP; Nite Capital LP; J. Steven Emerson IRA; Enable Growth Partners; Alpha Capital AG; Whalehave Capital Fund Ltd.; Fusion Capital Fund II LLC; Thomas Elden Investment Trust; Lakeview Direct Investments LP; Kenneth Malkes; Omnicrom Master Trust; Cranshire Capital LP; Iroquois Capital LP; TCMP3 Partners LP; James L. Cloutier; Eugene A Cloutier; SF Capital Partners Ltd.; Double U Master Fund LP; Langley Partners LP; and Richard Salter.
The preferreds are convertible into 1,000 shares at $1.00 each and pay annual dividends of 8%.
The first closing of the deal, for 2,000 preferreds, will take place March 15, and the second closing will occur no later than June 1.
The investors will also receive warrants for 6.5 million shares, exercisable at $1.23 each for five years.
Based in Boston, GlycoGenesys develops pharmaceuticals based on carbohydrate compounds.
| Issuer: | GlycoGenesys Inc.
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| Issue: | Series D preferred stock
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| Amount: | $6.5 million
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| Shares: | 6,500
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| Price: | $1,000
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| Dividends: | 8%
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| Conversion price: | $1.00
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| Conversion ratio: | Into 1,000 shares
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| Warrants: | For 6.5 million shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $1.23
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| Investors: | Bristol Investment Fund Ltd.; Panacea Fund LLC; WHI Growth Fund LP; Nite Capital LP; J. Steven Emerson IRA; Enable Growth Partners; Alpha Capital AG; Whalehave Capital Fund Ltd.; Fusion Capital Fund II LLC; Thomas Elden Investment Trust; Lakeview Direct Investments LP; Kenneth Malkes; Omnicrom Master Trust; Cranshire Capital LP; Iroquois Capital LP; TCMP3 Partners LP; James L. Cloutier; Eugene A Cloutier; SF Capital Partners Ltd.; Double U Master Fund LP; Langley Partners LP; and Richard Salter
|
| Pricing date: | March 4
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| Settlement date: | March 15 for the first tranche; June 1 for the second tranche
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| Stock price: | $1.15 at close March 4
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