Viropro, Inc. (VPRO)

[autovaton]

Spring Hill Bioventures was mentioned in 8-K dated 10/09/15. Convertible debt for paying for updating/auditing financials and other business plans:

Separately, Viropro announced that it has entered into a definitive agreement with Spring Hill Bioventures (“SBV”) through which the company may raise up to $500,000 in convertible debt. SBV has agreed to an initial commitment of $200,000, with an additional $50,000 available upon the achievement of certain milestones. The proceeds of the financing will be used for the preparation of audited financial statements, the implementation of the company’s strategic plans and for general corporate purposes.

At or prior to maturity, the note may be converted by the note holder, or prepaid by Viropro with notice to allow the note holder to convert. If not converted or prepaid within 12 months of issue, the notes will automatically convert into common stock of Viropro at a conversion rate of $.005 per share.

If the full value of the notes are purchased, note holders will be granted warrants entitling them to purchase from Viropro up to 35,000,000 shares of common stock at a price of $.03 per share. The notes carry an interest rate of 12% per year.

Under the terms of the agreement with SBV, additional notes may be sold up to the $500,000 maximum prior to December 31, 2015, subject to a minimum purchase of $50,000.