Jul. 15, 2014, 8:32 AM
- Inergetics (OTCMKTS:NRTI) signs a Securities Purchase Agreement with 31 Group LLC. The company receives $1M in net proceeds and issues a 12% secured subordinated convertible promissory note for $1.5M plus a Common Stock Purchase Warrant to purchase 2.5M shares of NRTI stock.
- The conversion price will be equal to the lessor of $0.35 per share or 62% of the lowest trading price of NRTI common stock in the ten trading days prior to the date of conversion, but no lower than $0.031 per share.
- Principal and interest are due and payable on July 14, 2015. If Inergetics files a registration statement with the SEC covering the resale of the shares issuable upon conversion of the note and exercise of the warrant on or before 45 days after July 14, 2014, the principal amount of the Note shall be reduced by $200K. It the SEC declares the registration statement effective within 120 days of July 14, 2014 the principal amount shall be further reduced by $300K.
Inergetics is a leading developer of advanced proprietary nutritional products that improve overall health, physical recovery, athletic performance and quality of life for patients and consumers.
Industry: Drug Manufacturers - Other
Country: United States
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