Company sells discounted 12% notes to Magna Equities II via offering
By Devika Patel
Knoxville, Tenn., Oct. 10 – Bioheart, Inc. sold a $307,500 12% senior convertible note to Magna Equities II, LLC in a private placement on Oct. 7, according to an 8-K filed Friday with the Securities and Exchange Commission. The offering raised $205,000, for a $102,500, or about a 33.33%, original issue discount.
The note matures on Aug. 7, 2015 and is convertible into common shares at $0.01035 per share. The conversion price is a 48.25% discount to the Oct. 6 closing share price of $0.02 and is also about a 55% discount to the lowest trading price of the stock during the five trading days preceding settlement, the company said in the filing.
The note may be redeemed at 140.
Bioheart is a biotechnology company based in Sunrise, Fla.
| Issuer: | Bioheart, Inc.
|
| Issue: | Senior convertible note
|
| Amount: | $307,500
|
| Maturity: | Aug. 7, 2015
|
| Coupon: | 12%
|
| Price: | $205,000 (about a 33.33% original issue discount)
|
| Conversion price: | $0.01035
|
| Call: | At 140
|
| Warrants: | No
|
| Investor: | Magna Equities II, LLC
|
| Settlement date: | Oct. 7
|
| Stock symbol: | OTCBB: BHRT
|
| Stock price: | $0.02 at close Oct. 6
|
| Market capitalization: | $11.64 million
|
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