Convertible securities sold between A$165,000 and A$1 million apiece
By Devika Patel
Knoxville, Tenn., July 3 - Novogen Ltd. plans a $5 million three-year funding agreement that will sell 0% convertible securities, according to a 6-K filed Wednesday with the Securities and Exchange Commission.
Novogen will sell up to 5 securities at prices ranging from A$165,000 to A$1 million. The first investment of $1 million will be made immediately by selling a converted security with a face value of A$1.1 million. There must be a minimum of 120 days between tranches.
The notes are convertible into shares at either 90% of the average of three daily volume-weighted average prices during the 20 consecutive trading days immediately prior to the conversion notice date or 130% of the average of the daily volume-weighted average prices for the 20 consecutive trading days immediately prior to the agreement's execution.
The investor will also receive options, which are exercisable at 130% of the average daily volume-weighted average prices for the 20 consecutive trading days immediately prior to July 2.
Proceeds will be used to bring CS-6 through into the clinic and identify a panel of phenotype-specific anti-cancer drugs for personalized chemotherapy.
Novogen is a biotechnology company based in Sydney, Australia.
| Issuer: | Novogen Ltd.
|
| Issue: | Convertible securities
|
| Amount: | $5 million
|
| Notes: | 5
|
| Price: | A$165,000 to A$1 million
|
| Coupon: | 0%
|
| Conversion price: | Either 90% of the average of three daily volume-weighted average prices during the 20 consecutive trading days immediately prior to the conversion notice date or 130% of the average of the daily volume-weighted average prices for the 20 consecutive trading days immediately prior to the agreement's execution
|
| Options: | Yes
|
| Option strike price: | 130% of the average daily volume-weighted average prices for the 20 consecutive trading days immediately prior to July 2
|
| Pricing date: | July 3
|
| Stock symbol: | Australia: NRT
|
| Stock price: | A$0.19 at close July 2
|
| Market capitalization: | A$20.1 million
|
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