Sydney - Tuesday - October 5: (RWE Aust Business News) - Bone Medical (BNE) has executed a convertible note funding agreement with La Jolla Cove Investors for USD6 million.
The interest rate is 4.75 per cent per annum payable monthly in cash or shares, on the outstanding funded and non converted principal amount.
The note may be converted at La Jolla's option.
The number of shares into which the convertible note may be converted is equal to the dollar amount being converted divided by the conversion price.
The conversion price shall be equal to the lesser of the "ceiling price" of 40c, or 80pc of the average of the three lowest VWAP during the 20 trading days prior to the election to convert.
La Jolla is limited to holding no more than 19.9pc of the shares capital of the company and is not able to short sell the converted shares.
The issue of shares in relation to the Cnote is subject to BNE obtaining such shareholder approvals or other regulatory approvals.
oh look another happy la jolla client
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