SOUTH EASTON, Mass., June 14, 2013 /PRNewswire/ -- Pressure BioSciences, Inc. (OTCQB: PBIO) ("PBI" or the "Company") today announced that it has closed the third and final tranche of its Series J Private Placement of Convertible Preferred Stock and Warrants (the "Series J Private Placement"). Combined with two earlier tranche closings ($1,702,800 on February 6 and $156,900 on March 28, 2013), the Company has now closed a total of $2,034,800 in its Series J Private Placement, slightly over its goal of $2.0 million. The investors in the Series J Private Placement included all members of the Company's Board of Directors, plus new and existing accredited investors in PBI.
The transaction consisted of the sale of 5,087 units of Series J Preferred Stock and Warrants to purchase the Company's Common Stock (the "Common Stock"). The price per unit was $400.00. Each unit consisted of one (1) share of Series J Preferred Stock (convertible into 1,000 shares of Common Stock at a Common Stock equivalent price of $0.40 per share) and a Warrant to purchase 1,000 shares of restricted Common Stock. The Warrants are exercisable for a period of three (3) years from the applicable closing date, at an exercise price equal to $0.40 per share. Of the $2,034,800 amount, $921,100 was in cash and $1,113,700 was from the conversion of debt.
The Company also announced the closing of a $500,000, one-year, convertible debenture (the "Note") with an institutional investor (the "Investor") on Friday, June 7, 2013. Interest on the Note is 10%. Under the terms of the Note, the Company received $250,000 at the initial closing, and is to receive $100,000 on or before July 7, 2013 and $150,000 on or before August 6, 2013 in a second and third closing. The Investor has the right to convert the Note into Common Stock of the Company at any time six months after each Closing Date. The Company has the right to pre-pay the Note at
|SOURCE Pressure BioSciences, Inc.|
Copyright©2012 PR Newswire.
All rights reserved