Tauriga Sciences Inc. (TAUG) Fully Retires The Secured Convertible Promissory Note Held By Typenex Co-Investment, LLC For Original Principal Amount Of $555,000
3/24/2014 9:13:07 AM
LOS ANGELES, March 24, 2014 (GLOBE NEWSWIRE) -- Tauriga Sciences Inc. (OTCQB:TAUG) or ("Tauriga" or "the Company"), a diversified life sciences company with key assets that include license agreements, topical medicinal cannabis lotions, and a proprietary technology platform in the nanorobotics space, today announced that it has fully retired a convertible note held by Typenex Co-Investment, LLC ("Typenex") for the principal amount of $555,000 USD. On June 24, 2013, the Company entered into a Securities Purchase Agreement with Typenex, for the sale of an 8% convertible promissory note (the "Note") in the principal amount of $550,000 (which included Typenex's legal expenses in the amount of $7,500 and a $50,000 original issue discount). By retiring the Note, the Company has removed the corresponding debt from its balance sheet. Additionally the Company is working diligently to repay and retire the entirety of its remaining convertible debt and will update shareholders, once this important goal is accomplished.
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