NetworkNewsBreaks – Pivot Pharmaceuticals Inc. (
Post# of 52
Pivot Pharmaceuticals (CSE: PVOT) (OTCQB: PVOTF) this morning announced the closing of its private placement of convertible debentures for gross proceeds totaling C$5 million. The company issued a total of C$5 million of 10% senior secured convertible debentures which will mature 12 months after the date of their issuance and will be convertible at the option of the holder for a period of 12 months into common shares of the company at a conversion price of C$1.74 per common share, subject to adjustment of the conversion price in certain events. Additionally, Origin Merchant Securities Inc. received a finder’s fee of C$300,000 and 172,413 non-transferable compensation warrants. All securities issued in connection with the offering are subject to a four month hold period. Pivot plans to use the net proceeds toward the development of its pipeline of products, intellectual property acquisitions, and for working capital and general corporate purposes.
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