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 "believes," "expects," "anticipates," "estimates," "intends," "plans," "targets," "projects" and similar expressions. The statements in this release are based upon the current beliefs and expectations of our company's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Numerous factors could cause or contribute to such differences, including, but not limited to, results of clinical trials and/or other studies, the challenges inherent in new product development initiatives, including the continued development and market acceptance of our nutraceutical dietary supplements products, the effect of any competitive products, our ability to license and protect our intellectual property, our ability to raise additional capital in the future that is necessary to maintain our business, changes in government policy and/or regulation, potential litigation by or against us, any governmental review of our products or practices and the outcome of the ongoing investigations as well as other risks discussed from time to time in our filings with the Securities and Exchange Commission, including, without limitation, our annual report on Form 10-K for the fiscal year ended December 31, 2012 and our quarterly reports on Form 10-Q for the quarters ended March 31, 2013, June 30, 2013, and September 30, 2013. We undertake no duty to update any forward-looking statement or any information contained in this press release or in other public disclosures at any time.

Contact: 
Talhia T. Tuck 
Vice President, Communications and Investor Relations 
Star Scientific, Inc. 
(202)887-5100 
ttuck@starscientific.com 


'/>"/>
SOURCE Star Scientific, Inc.
Copyright©2012 PR Newswire.
All rights reserved

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:6/23/2016)... Prostate Cancer Foundation (PCF) is pleased to announce 24 new Young Investigator ... Members of the Class of 2016 were selected from a pool of 128 ... About the Class of 2016 PCF Young Investigators ... ... ...
(Date:6/23/2016)... --  EpiBiome , a precision microbiome engineering company, today ... from Silicon Valley Bank (SVB). The financing will allow ... drug development efforts, as well as purchase additional lab ... been an incredible strategic partner to us – one ... provide," said Dr. Aeron Tynes Hammack , EpiBiome,s ...
(Date:6/23/2016)... ... , ... STACS DNA Inc., the sample tracking software company, today announced that ... joined STACS DNA as a Field Application Specialist. , “I am thrilled that ... of STACS DNA. “In further expanding our capacity as a scientific integrator, Hays brings ...
(Date:6/23/2016)... , June 23, 2016 Apellis Pharmaceuticals, ... 1 clinical trials of its complement C3 inhibitor, ... and multiple ascending dose studies designed to assess ... of subcutaneous injection in healthy adult volunteers. ... either as a single dose (ranging from 45 ...
Breaking Biology Technology:
(Date:6/3/2016)... June 3, 2016 ... Nepal hat ein ... hochsicherer geprägter Kennzeichen, einschließlich Personalisierung, Registrierung und ... der Produktion und Implementierung von Identitätsmanagementlösungen. Zahlreiche ... im Januar teilgenommen, aber Decatur wurde als ...
(Date:5/24/2016)... Ampronix facilitates superior patient care by providing unparalleled technology to leaders of ... the latest premium product recently added to the range of products distributed by Ampronix. ... ... ... Medical Display- Ampronix News ...
(Date:5/3/2016)...  Neurotechnology, a provider of high-precision biometric identification ... Identification System (ABIS) , a complete system for ... can process multiple complex biometric transactions with high ... face or iris biometrics. It leverages the core ... MegaMatcher Accelerator , which have been used in ...
Breaking Biology News(10 mins):