If this is not bs, hope Sharon wins her suit
North American Vaccine Completes Sale of $25 Million of 4.5% Convertible Secured Notes
COLUMBIA, Md., Nov. 13 /PRNewswire/ -- North American Vaccine, Inc. (Amex: NVX) announced the closing of its offering of $25 million aggregate principal amount of 4.5% Convertible Secured Notes due November 13, 2003 (the "Notes"). The Notes are convertible into common stock of North American Vaccine at a conversion price of approximately $8.54 per share, equivalent to a conversion rate of 117.0878 shares per $1,000 principal amount of the Notes.
"We are exceedingly pleased to have completed this financing as it represents another milestone in the Company's plan to continue its positive growth and development," stated Randal Chase, Ph.D., CEO and President of North American Vaccine.
The Notes were issued to certain existing shareholders, affiliates and accredited investors, including BioChem Pharma Inc. and Phillip Frost, M.D., which purchased Notes in the principal amount of $9 million and $4.25 million, respectively. The Notes are not registered under the Securities Act of 1933, as amended, or any applicable state or foreign securities laws, and were sold in reliance on prescribed exemptions from registration under the Securities Act.
The Notes are secured by certain assets of the Company, are otherwise subordinated in right of payment to all existing and future senior indebtedness, will not restrict the incurrence of future indebtedness and will be redeemable at par without premium at the option of the Company on or after November 13, 1999. |
