By Sheri Kasprzak
New York, July 5 - Whispering Oaks International, Inc. settled a $3 million private placement of convertible notes with two private investors.
The notes bear interest at Prime rate plus 275 basis points and are due June 29, 2010.
The notes are convertible into 5 million common shares at $0.60 each.
The investors also received warrants for 3.5 million shares, each exercisable at $0.60.
Based in Richmond, B.C., Whispering Oaks operates BioCurex, Inc., a biotechnology company focused on imaging systems used to diagnose cancer.
| Issuer: | Whispering Oaks International, Inc.
|
| Issue: | Convertible notes
|
| Amount: | $3 million
|
| Maturity: | June 29, 2010
|
| Coupon: | Prime rate plus 275 bps
|
| Conversion price: | $0.60
|
| Conversion ratio: | Into 5 million shares
|
| Warrants: | For 3.5 million shares
|
| Warrant strike price: | $0.60
|
| Settlement date: | June 29
|
| Stock symbol: | OTCBB: BOCX
|
| Stock price: | $0.62 at close June 29
|
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