Navigation Links
Star Scientific, Inc. Arranges a $15 Million Credit Facility
Date:12/31/2013

GLEN ALLEN, Va., Dec. 31, 2013 /PRNewswire/ -- Star Scientific, Inc., (NASDAQ: STSI) announced that today it has entered into a Letter of Intent for a $15 million Credit Facility with Jonnie R. Williams, Sr. the Company's founder and its former CEO.  The Credit Facility extends through April 15, 2015. 

(Logo: http://photos.prnewswire.com/prnh/20130319/PH79245LOGO )

Under the Credit Facility, the Company can borrow up to $10 million without shareholder approval. The remaining $5 million under the Credit Facility may require shareholder approval under the NASDAQ Rules.

Borrowings under the Credit Facility will be evidenced by an unsecured, two-year corporate note ("Note") bearing interest at 5% per annum.  Notes under the Credit Facility will be convertible into Common Stock at $1.25 per share, (the closing bid price for the Company's common stock on December 30, 2013, the day prior to the execution of the Letter of Intent), together with an equal number of warrants to purchase Common Stock at the same price.  As consideration for the Credit Facility, the Company agreed to issue 6 million warrants with a strike price of $1.25. 

The closing and availability of the Credit Facility is subject to NASDAQ approval in accordance with Rule 5250(e), execution of definitive agreements and satisfaction of customary closing conditions.  The transaction is scheduled to close upon completion of NASDAQ review, but no later than January 31, 2014.  

Certain statements contained in this release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to statements identified by words such as "
'/>"/>

SOURCE Star Scientific, Inc.
Copyright©2012 PR Newswire.
All rights reserved

Page: 1 2

Related biology technology :

1. Shocking News & Research: Boston Scientific, Yingli Green Energy Hold, QUALCOMM, PulteGroup, Regions Financial
2. Amarin, Pharmacyclics, Anthera Pharma, Star Scientific, and Impax Laboratories Under StockCalls Microscope
3. 20% Off Your Entire Order of Scientific, Technical, Medical (STM) Book Titles Until the End of March at Chemical Publishing Company
4. Percival Scientific, Inc. Introduces an Affordable LED Lighting System for the Research Industry
5. 20% Off Your Entire Order of Scientific, Technical, Medical (STM) Titles Until the End of December at Chemical Publishing Company
6. Lineagen Announces $3.5 Million Series C Round and Close of Series B Financing
7. Curoverse Raises $1.5 Million to Build Open Source Platform for Genomic and Biomedical Big Data
8. CNTS Awarded $40 Million Contract Supporting U.S. Military Through Global Public Health
9. Chromatography Accessories and Consumables Market worth $3,458.6 Million by 2018
10. Protective Apparel Innovator Vestagen Adds $7.3 Million In Financing Extension, Bringing Total Raised To $15.5 Million
11. Covagen Secures CHF 42 Million in Series B Financing
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:12/22/2014)... Dec. 22, 2014  ( www.competitivehealth.com ) — Competitive ... medical bill review and advocacy service, has signed an ... WellCard Savings discount health services marketplace. 63% ... more than they expected to pay. As part of ... costs, WellCard Savings is pleased to offer medical bill ...
(Date:12/22/2014)... 22, 2014 Fertility Associates of Memphis ... Bank USA , a network of more than 20 ... partnership, patients have fast access to a national pool ... IVF . Fertility Associates of Memphis is the only ... treatment option. , Dr. William Kutteh , director ...
(Date:12/19/2014)... BioPlus Specialty Pharmacy (BioPlus), one ... of Nick Maroulis, Pharm.D. to the newly created position ... In this position, Dr. Maroulis will continue to manage ... of our multi-site pharmacies as the company expands. Dr. ... that time he has served in many different capacities ...
(Date:12/19/2014)... Dec. 19, 2014 Bina Technologies, Inc. (Bina, ... that they have been acquired by Roche (SIX: RO, ... privately held company that provides a big data platform ... (NGS) data for the academic and translational research markets. ... and will continue to focus on development of their ...
Breaking Biology Technology:WellCard Savings Announces CoPatient Medical Bill Review Service for Members 2Fertility Associates of Memphis Announces Partnership with Donor Egg Bank USA 2Fertility Associates of Memphis Announces Partnership with Donor Egg Bank USA 3BioPlus Specialty Pharmacy Promotes Dr. Nick Maroulis to Vice President of Specialty Pharmacy Services 2Bina Technologies is acquired by Roche. 2Bina Technologies is acquired by Roche. 3
... applying a coating to individual silicon nanowires, researchers at ... and sensitivity. The findings, published in the May ... that the coated wires hold promise for photodetectors and ... a large surface-to-volume ratio, nanowires typically suffer from a ...
... July 6, 2011 The Association for ... "Expanding Career Readiness Through Career and Technical Student ... career and technical student organizations (CTSOs) strengthen their ... as leadership development, academic and career development, professional ...
... July 6, 2011 Reportlinker.com announces that a ... catalogue: Biobanking: Technologies and Global ... REPORT HIGHLIGHTS ... overview of biobanks by types: Population, Disease, and ...
Cached Biology Technology:With a simple coating, nanowires show a dramatic increase in efficiency and sensitivity 2ACTE Releases Paper on How Career, Technical Student Organizations Expand Career Readiness for Students 2ACTE Releases Paper on How Career, Technical Student Organizations Expand Career Readiness for Students 3Biobanking: Technologies and Global Markets 2Biobanking: Technologies and Global Markets 3Biobanking: Technologies and Global Markets 4Biobanking: Technologies and Global Markets 5Biobanking: Technologies and Global Markets 6Biobanking: Technologies and Global Markets 7Biobanking: Technologies and Global Markets 8Biobanking: Technologies and Global Markets 9Biobanking: Technologies and Global Markets 10Biobanking: Technologies and Global Markets 11Biobanking: Technologies and Global Markets 12Biobanking: Technologies and Global Markets 13
(Date:12/17/2014)... , Dec. 16, 2014  Automation is fundamentally ... more evident than at international borders. Over the ... scanners have allowed veteran travelers to self process ... Control (APC) Kiosks at an increasing number of ... According to Maxine Most ...
(Date:12/11/2014)... , Dec. 09, 2014 Research and Markets ... ( http://www.researchandmarkets.com/research/twhjll/biometrics_market ) has announced ... the APAC Region 2015-2019"  report to their offering. ... this market is advances in technology. With continuous ... biometric solutions to the latest standard that meets ...
(Date:12/11/2014)...  That blood pressure plays a role in human health ... medical term for high blood pressure – was first described ... cuff that,s used in measuring blood pressure was invented in ... about hypertension, its triggers and its effects. In fact, recent ... the best ways to treat it. For example, ...
Breaking Biology News(10 mins):Automated Border Control (ABC) Transforms the Global Travel Experience With More Than 2500 ABC eGates and APC Kiosks Deployed In Airports, Seaports, and Land Borders Worldwide 2Biometrics Market in the APAC Region 2015-2019: Key Vendors are 3M Cogent, NEC, Safran and Suprema 2Research points to need for new approaches to treatment of high blood pressure 2Research points to need for new approaches to treatment of high blood pressure 3Research points to need for new approaches to treatment of high blood pressure 4
... brain cancer can be like looking for a needle in ... be the right one. By comparing human and canine genomes, ... gene commonly believed to be involved in meningiomas-tumors that affect ... account for one out of four adult brain tumors -may ...
... enables individuals to maneuver a powered wheelchair or control ... operated by individuals with high-level spinal cord injuries, according ... "This clinical trial has validated that the Tongue ... with high-level spinal cord injuries to use," said Maysam ...
... University of Alberta professor in the department of chemistry, has ... science of the United Kingdom and the Commonwealth. The ceremony ... Included in the Royal Society,s membership are Isaac Newton, Charles ... laureates among the society,s 1,400 members. Vederas is being ...
Cached Biology News:Dogs, humans, put heads together to find cure for brain cancer 2Dogs, humans, put heads together to find cure for brain cancer 3Clinical trial shows quadriplegics can operate powered wheelchair with tongue drive system 2Clinical trial shows quadriplegics can operate powered wheelchair with tongue drive system 3Clinical trial shows quadriplegics can operate powered wheelchair with tongue drive system 4
... The lyophilization stabilizer is designed ... process and for long-term storage. ... toxic ingredients. It is a ... pH 7.2, and is superior to ...
... coating stabilizer is designed for stabilizing ... and antibodies for immunoassay development. ... during the coating and drying process ... It can also works as a ...
... Clinical is Tecans open platform for clinical ... safety and performance in the clinical diagnostic ... by flexible barcode reading and sample traceability ... the system complies with the IVD-Directive* established ...
... the smallest thermal cyclers on the market, which ... 0.5ml (20 samples) or 0.2ml microtube (25 samples) ... and cooling rate of 3.6C/sec and 2.0C/sec respectively ... Fast track programming with new quick dial facility ...
Biology Products: