Posts tagged convertible notes
GeneNews provides financing update

GeneNews (TSX:GEN) has closed the first tranche of a private placement, consisting of the issuance of approximately 5.6 million common shares at a price of 10 cents each, for gross proceeds of approximately $560,000, to be used for working capital.

The company also has executed a term sheet with Alumina Partners for a second tranche, allowing GeneNews to draw down on $10-million (US) in structured, unsecured convertible notes, at the company’s option, in installments of $200,000 over a 24-month period.

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Pivotal Therapeutics unable to repay notes

Pivotal Therapeutics (CSE:PVO; OTC PINK:PVTTF) currently is unable to repay $7.7-million of convertible notes, which came due March 4, 2016, and at least one noteholder has advised the company that it intends to petition Pivotal into bankruptcy.

Noteholders also have advised Pivotal that they are not prepared to advance additional funds to the company.

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