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Article: Advanced Viral Research Announces Private Placement; Company Leases New Headquarters and Laboratory Space
- Article from:
- PR Newswire
- Article date:
- March 4, 1997
CopyrightCOPYRIGHT 1997 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK, March 4 /PRNewswire/ -- Advanced Viral Research Corp. (Nasdaq-BB: ADVR) today announced the completion of a private placement in the form of a 7% ten year convertible debenture to the RBB Bank of Austria. The debenture is convertible into shares of common stock at 70 percent of the average closing prices for the five consecutive trading days before the conversion date. In addition, the company issued to RBB Bank warrants to purchase an aggregate of 535,134 common shares (approximately 2/10 of 1 percent of outstanding shares) at prices ranging from $.29 to $.84 per share, in an offshore transaction pursuant to Regulation S of the Securities Act of 1933. The ...