debt
confidence high
sentiment neutral
materiality 0.55
China Pharma raises $5M via convertible note to Streeterville Capital with 5% interest and 15-month maturity
CHINA PHARMA HOLDINGS, INC.
- Issued unsecured convertible promissory note for $5.25M principal ($5M net proceeds after $250K OID) to Streeterville Capital.
- Note carries 5% annual interest; upon default, interest rises to 22% and balance accelerates with 15% or 5% penalty.
- Company reserved 30M common shares for conversion; conversion price at 85% of lowest 10-day VWAP during prior 10 trading days.
- Proceeds used for general working capital; Streeterville's consent required for fundamental transactions.
- Company must file prospectus supplement within 30 days to register up to $5M of common stock for investor.