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Kalytera Announces Private Placement of Convertible Debenture Units
Kalytera Announces Private Placement of Convertible Debenture Units.
About this update from Claritas Pharmaceuticals Inc.
[{"type":"text","content":"\nNOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES\n SAN FRANCISCO and TEL AVIV, Israel, March 05, 2019 (GLOBE NEWSWIRE) -- Kalytera Therapeutics, Inc. (TSX VENTURE: KALY and OTCQB: KALTF) (the \"Company\" or \"Kalytera\") announced today that it is proceeding with a private placement (the “Offering”) under which it intends to sell C$787,500 aggregate principal amount of convertible debenture units for an aggregate purchase price of C$750,000 (representing an original issue discount equal to 5% of the purchase price).  The convertible debenture units will consist of an aggregate of $787,000 principal amount of 10.0% secured convertible debentures (the “Convertible Debentures”) and an aggregate of 12,115,384 common share purchase warrants (each, a “Warrant”). The Convertible Debentures will bear interest from the date of closing at 10.0% per annum, payable quarterly in arrears on the last business day of May, August, November and February of each year commencing May 31, 2019, and will mature two years following the closing of the Offering (the “Maturity Date”). The Company’s obligations under the Convertible Debentures will be guaranteed by its material subsidiaries, and such guarantee obligations will be secured by substantially all of the assets of such subsidiaries. The Convertible Debentures will be convertible at the option of the holder into common shares of the Company (“Common Shares”) at any time prior to the close of business on the earlier of the third business day prior to the Maturity Date and the third business day prior to any date fixed for redemption or repayment of the Convertible Debentures, at a conversion price of (i) C$0.065 per Common Share for the first twelve (12) month period following the closing date of the Offering and (ii) C$0.10 per Common Share for the second twelve (12) month period following the closing date of the Offering, in each case subject to customary adjustments in certain events. Each Warrant will be exercisable to acquire one Common Share (a “Warrant Share”) at an exercise price of $0.065 per Warrant Share for a period of two years following the closing date of the Offering, subject to customary adjustments in certain events and, provided that if, at any time following the date...