Cytodyn Inc (CYDY)

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• CytoDyn (OTCQB:CYDY) reports that, on June 19 and 20, it issued $1.7M aggregate principal amount of unsecured convertible promissory notes to accredited investors.
• The notes bear annual interest of 7.0% and are convertible into common shares at any time at $0.75 per share (total of 2,266,665 shares). Investors also received five-year warrants to purchase up to 1,133,332 shares of common at $1.00 per share.
• The placement agent received five-year warrants to purchase 8% of the number of shares underlying the notes at $0.825 per share and a cash fee equal to 9% of the gross proceeds received by the company in addition to other consideration.
• Proceeds will fund working capital and clinical trials.