By Devika Patel
Knoxville, Tenn., Oct. 15 - Napo Pharmaceuticals, Inc. announced it raised about $1 million in a private placement of convertible debt.
The notes mature on June 20, 2009 and carry an 8% coupon, payable in cash or common shares.
The notes are convertible into up to 5,150,311 common shares, at 9.85p, or $0.194163, per share.
Proceeds will provide the company with funds into November.
Based in South San Francisco, Calif., Napo focuses on the development and commercialization of proprietary pharmaceuticals for the global market.
| Issuer: | Napo Pharmaceuticals, Inc.
|
| Issue: | Convertible debt
|
| Amount: | $1 million (approximate)
|
| Maturity: | June 20, 2009
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | 9.85p, or $0.194163
|
| Warrants: | No
|
| Settlement date: | Oct. 15
|
| Stock symbol: | London: NAPL
|
| Stock price: | 0.6p at close Oct. 15
|
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