Offering sells notes along with four-year warrants for 167,500 shares
By Devika Patel
Knoxville, Tenn., March 6 - MetaStat, Inc. sold another $355,000 of convertible promissory notes on Feb. 28 and March 4, according to an 8-K filed Thursday with the Securities and Exchange Commission. The $1.01 million deal raised $650,000 on Jan. 15, $205,000 on Feb. 28 and $150,000 on March 4.
The 8% note is due on June 30, 2014 and is convertible into common shares at $1.50 per share.
Investors also received warrants for 108,333 common shares. The four-year warrants are exercisable at $2.10, which is a 57.9% premium to the Jan. 14 closing share price of $1.33. The conversion price is a 12.78% premium to that price.
MetaStat also amended the purchase agreements with the noteholders to allow the company to raise up to $1.25 million in the private placement.
Axiom Capital Management, Inc. was the agent.
MetaStat is a life science company based in the Woodlands, Texas.
| Issuer: | MetaStat, Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $1,005,000
|
| Maturity: | June 30, 2014
|
| Coupon: | 8%
|
| Conversion price: | $1.50
|
| Warrants: | For 167,500 shares
|
| Warrant expiration: | Four years
|
| Warrant strike price: | $2.10
|
| Agent: | Axiom Capital Management, Inc.
|
| Announcement date: | Jan. 21
|
| Amended: | Feb. 28
|
| Settlement date: | Jan. 15 (for $650,000), Feb. 28 (for $205,000), March 4 (for $150,000)
|
| Stock symbol: | OTCBB: MTST
|
| Stock price: | $1.33 at close Jan. 14
|
| Market capitalization: | $32.13 million
|
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