By Sheri Kasprzak
New York, Aug. 18 - Nutra Pharma Corp. has entered into a stock agreement with SBI Brightline XII LLC for $9.6 million.
Under the terms of the agreement, SBI will buy up to 24 million shares at $0.40 each.
SBI will also receive warrants for up to 6 million shares, exercisable at prices from $0.30 each to $0.50 each.
The proceeds will be used, in part, to fund clinical trials.
Based in Boynton Beach, Fla., Nutra Pharma is a biopharmaceutical company focused on acquiring, licensing and commercializing products to treat cancer, neurological disorders and infectious diseases.
| Issuer: | Nutra Pharma Corp.
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| Issue: | Stock
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| Amount: | $9.6 million (maximum)
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| Shares: | 24 million (maximum)
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| Price: | $0.40
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| Warrants: | For up to 6 million shares
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| Warrant strike price: | From $0.30 to $0.50
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| Investor: | SBI Brightline XII LLC
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| Announcement date: | Aug. 18
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| Stock price: | $0.32 at close Aug. 18
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