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Wednesday, October 15, 2008 9:55:36 AM
On September 24, 2008, Biophan Technologies, Inc. (the “Company”) announced execution of a prepayment agreement with the holders of its Senior Secured Convertible Notes. Pursuant to the prepayment agreement, the holders of the Secured Convertible Notes accepted a prepayment of the remaining $2.3 million in senior debt, in exchange for an aggregate cash payment of $2.15 million plus delivery of 18 million shares of the Company’s common stock. In connection with this transaction, note holders were offered additional shares in exchange for surrendering their warrants to purchase the Company’s common stock, issued in connection with the Senior Secured Convertible Notes.. Warrants to purchase 17 million shares of common stock were redeemed leaving outstanding warrants to purchase 23 million shares of the Company’s common stock All of the remaining warrants have an exercise price of $0.23 per share.
23mm warrants at $.23 = $5,290,000 in potential additional funding. Hope these warrants get exercised soon. :)
Just a side note; The Titans are the only unbeaten team in the NFL
"A man doesn't know what he knows until he knows what he doesn't know"
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