By Sheri Kasprzak
New York, Jan. 16 - Synova Healthcare Group, Inc. sealed a private placement of $15 million in 6.5% senior convertible promissory notes as part of its acquisition with Allendale Pharmaceuticals, Inc.
The notes, due Jan. 12, 2012, are convertible into common shares at $1.00 each.
The notes were purchased by a group of institutional and other investors, including existing shareholders and members of management.
The investors received warrants for up to 110% of the shares issuable upon conversion. The warrants are exercisable at $1.00 each for five years.
Proceeds will be used for the expansion of the company's portfolio of women's health care products. The company also plans to use some proceeds to pay certain obligations owed by Allendale following the acquisition.
Based in Media, Pa., Synova develops medical diagnostic tests and over-the-counter health care products to treat or diagnose women's health care conditions.
| Issuer: | Synova Healthcare Group, Inc.
|
| Issue: | Senior convertible promissory notes
|
| Amount: | $15 million
|
| Maturity: | Jan. 12, 2012
|
| Coupon: | 6.5%
|
| Price: | Par
|
| Yield: | 6.5%
|
| Conversion price: | $1.00
|
| Warrants: | For up to 110% of shares issuable upon conversion
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.00
|
| Settlement date: | Jan. 12
|
| Stock symbol: | OTCBB: SNVH
|
| Stock price: | $1.06 at close Jan. 12
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
