UPDATE-did you happen to read this-Item 1.01 Entry into a Material Definitive Agreement.
On February 14, 2011, NovaDel Pharma Inc., a Delaware corporation (the "Company"), and certain investors entered into a securities purchase agreement (the "Securities Purchase Agreement"), pursuant to which the Company agreed to sell an aggregate of 1,667 shares of its Series A Convertible Preferred Stock (the "Preferred Stock") at a price of $1,000 per share, with an original issue discount of 4%, for gross proceeds of approximately $1.6 million (the "Offering"). The Preferred Stock is convertible into 16,670,000 shares of common stock at a conversion price of $0.10 per share. The investors also received warrants, with a 5 year term from its initial exercise date, to purchase up to 16,670,000 shares of common stock at an exercise price of $0.15 per share (the "Series A Warrants"); warrants, with a 1 year term, to purchase up to 16,670,000 shares of common stock at an exercise price of $0.10 per share (the "Series B Warrants"); and warrants, with a 5 year term from its initial exercise date, to purchase up to 16,670,000 shares of common stock at an exercise price of $0.15 per share (the "Series C Warrants", together with the Series A Warrants and Series B Warrants, the "Warrants"). The Series B Warrants are immediately exercisable, while the Series A Warrants and Series C Warrants are only exercisable on and after February 15, 2012. The Series C Warrants may only be exercised by the holder thereof to the extent and in the same percentage that the holder exercises its Series B Warrant. The Preferred Stock and Warrants were sold pursuant to an effective registration statement on Form S-1 (Registration Number 333-170066) (the "Registration Statement").
seems like .11 should be a safe bet
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