- BioHarvest Sciences (BHSC) announced a private placement of up to C$8 million in two-year convertible notes
- The notes will pay interest of 9 per cent per annum
- Incentives will be offered to investors who convert their notes within the first year or who invest a minimum of $2.7 million in the offering
- BioHarvest Sciences is a Biotech firm that has developed a patented bio-cell growth platform
- BioHarvest Sciences Inc. (BHSC) is down 11.54 per cent on the day, trading at C$0.23 per share at 3 pm ET
BioHarvest Sciences (BHSC) announced a private placement of up to C$8 million in two-year convertible notes.
The notes will pay interest of 9 per cent per annum and will be convertible into common shares at a price equal to the closing market price on the date of conversion, less a discount of 20 per cent.
Any participating investor who converts their investment within the first year of the term of the notes will receive a warrant for each $.40 converted. Each warrant will be exercisable to purchase an additional common share at a price of $0.40 for a period of one year from the closing of the private placement.
Investors who invest a minimum amount of $2,700,000 will receive an additional warrant for each $0.40 invested.
CEO Ilan Sobel commented on the financing.
“The renewed focus on our core business is a blessing for our shareholder’s partners. Not only is it consistent with our biotech health and wellness vision, but it also enables us to responsibly execute our goals with a less dilutive approach. Our strategy and priorities are sound. We are better positioned to deliver on what would make BioHarvest achieve the enterprise value worthy of a leading biotech innovator.”
About BioHarvest Sciences Inc.
BioHarvest Sciences is a Biotech firm that has developed a patented bio-cell growth platform technology capable of growing the active and beneficial ingredients in fruit and plants, at an industrial scale, without the need to grow the plant itself.
BioHarvest Sciences Inc. (BHSC) is down 11.54 per cent on the day, trading at C$0.23 per share at 3 pm ET.