By Devika Patel
Knoxville, Tenn., Feb. 22 - Integrated BioPharma, Inc. completed a $17.5 million private placement of securities with two investors on Feb. 21, according to an 8-K filed Friday with the Securities and Exchange Commission.
Imperium Master Fund, Ltd. and CD Financial, LLC bought 6,000 shares of series C convertible preferred stock at $1,000 per share, $4.5 million of 9.5% convertible promissory notes and $7 million of 8% promissory notes.
The notes will be secured by a pledge of substantially all of the company's assets. The preferred shares are convertible any time into common shares.
Proceeds were used to retire debt and for working capital.
Integrated BioPharma is a pharmaceutical company based in Hillside, N.J.
| Issuer: | Integrated BioPharma, Inc.
|
| Issue: | Series C convertible preferred stock, convertible promissory notes, promissory notes
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| Amount: | $17.5 million
|
| Warrants: | No
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| Investors: | Imperium Master Fund, Ltd.; CD Financial, LLC
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| Settlement date: | Feb. 21
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| Stock symbol: | Nasdaq: INBP
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| Stock price: | $2.93 at close Feb. 21
|
|
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| Series C convertible preferred stock
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| Amount: | $6 million
|
| Shares: | 6,000
|
| Price: | $1,000
|
|
|
| Convertible promissory notes
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| Amount: | $4.5 million
|
| Coupon: | 9.5%
|
|
|
| Promissory notes
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| Amount: | $7 million
|
| Coupon: | 8%
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