By Sheri Kasprzak
New York, May 15 - HepaLife Technologies, Inc. concluded a $2.5 million private placement of convertible notes.
The zero-coupon notes are due in two years and are convertible into common shares at a price equal to 95% of the volume weighted average price of the stock over the five trading days before conversion.
The investor - a single institutional investor - also received warrants for 670,000 shares, exercisable for five years at $1.50 each.
Proceeds will be used for development on the company's bioreactor system, the main component of its bioartificial liver device. The rest will be used for working capital.
Based in Boston, HepaLife develops an artificial liver device.
| Issuer: | HepaLife Technologies, Inc.
|
| Issue: | Convertible note
|
| Amount: | $2.5 million
|
| Maturity: | Two years
|
| Coupon: | 0%
|
| Conversion price: | 95% of the VWAP over five trading days before conversion
|
| Warrants: | For 670,000 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.50
|
| Settlement date: | May 15
|
| Stock symbol: | OTCBB: HPLF
|
| Stock price: | $1.33 at close May 14
|
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