Advaxis, Inc. (OTCBB:ADXS) announced a private placement of convertible promissory note for gross proceeds of $595,000 on April 26, 2013. The note has a principle value of $800,000; of which $125,000 will be used to pay consideration for the note issued earlier. The note is issued at a discount of 10%. The note is convertible into the common stock of the company at the lesser of $0.07 or 70% of the average of the lowest two closing prices in the 20-day pricing period ... preceding a conversion. The note will mature on April 26, 2014. The round will include participation from an accredited investor, JMJ Financial Group Inc. The company will pay 5% of the funds raised. On the same day, the company raised $300,000.
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Advaxis, Inc. (OTCBB:ADXS) announced a private placement of one convertible promissory note at a price of $100,000 per note with existing investor Hanover Holdings I, LLC, an affiliate of Magna Group LLC for gross proceeds of $100,000 on December 6, 2012. The note bears an interest rate of 12%, which interest accrues, but does not become payable until maturity or acceleration of the principal of such note. The note will mature on July 6, 2013. The note is convertible ... into common shares at a conversion price of $0.03 per share. Greenberg Traurig, LLP served as the legal advisor to the company. The securities will be issued pursuant to Regulation D.
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