Investment19 Oct 2018 08:20
According to the terms of the agreement, Orgenesis and/or one or more qualified investors (the "Investors") will advance to Immugenyx a convertible loan in an amount of not less than US$1,000,000 (the "Convertible Loan"). As part of the Agreement, the Investors shall have the right to convert the outstanding Convertible Loan amount into either: (i) shares of Immugenyx at a price per share based on a pre-money valuation of US$8,000,000; or (ii) shares of Orgenesis' common stock at a price per share equal to the weighted average trading price of Orgenesis' common stock for the three trading days preceding conversion.
Orgenesis and/or the Investors shall have the option, exercisable at any time up to the third anniversary of the closing of the transaction, to invest additional funds in an amount of up to US$1,000,000 and not less than US$500,000 in Immugenyx.