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Friday, March 10, 2017 9:01:41 AM
So let's look at that time schedule, and how it might marry up to some other events. I know Flipper will see this immediately. Looks like the larger payments are wrapped around and follow after the two biggest oncology conferences.
Could be a coincidence, but it seems plausible that their increasing "Development Schedule" is tied to what might be announced at these events.
(a) immediate payment to the Holder of $500,000 in cash, plus accrued interest through the stated maturity of the notes at 7% per annum, with retirement by the Holder of an equivalent amount of bonds;
(b) immediate issuance to the Holder of $1.5 million worth of the Company’s common stock based on the 5-day VWAP of $0.3713 per share for the common stock measured from March 1, 2017;
(c) payment, on the earlier of March 31, 2017 or the third business day after any new funding raise by the Company, of $500,000 plus accrued interest through the stated maturity of the Notes at 7% per annum, with a commensurate Bond retirement to occur upon the fulfillment of all obligations under the repurchase agreement;
April 1-5 - AACR Annual Meeting 2017
(d) payment, on April 19, 2017, of $2,000,000, plus accrued interest through the stated maturity of the Notes at 7% per annum, with retirement of $2,000,000 of bonds
payment, on May 20, 2017, of $2,500,000 plus accrued interest through the stated maturity of the Notes at 7% per annum, with retirement of $2,500,000 of bonds;
ASCO Annual Meeting - June 2-6
(e) payment, on June 20, 2017, of $5,500,000 plus accrued interest through the stated maturity of the Notes at 7% per annum, with retirement of $5,500,000 of bonds,; and
(f) payment, when any cumulative financing of new cash during the period of the Note Repurchase Agreement exceeds $15 million, of 30% of such excess amount to repurchase Notes from the Holder within three business days of the closing of any such raise.
Such prepayments will reduce the latest scheduled payments then currently due.
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