June 6, 2008 -- Genesis Pharmaceuticals Enterprises, Inc. (OTCBB: GTEC) raised new capital through a private placement of $30 million in three-year convertible notes, which have an interest rate of 6% and are convertible into Genesis stock at $.20 per share. That last number represents an unusually large 31% discount, because at the time of the placement, Genesis was selling for $.29 per share. We look at the terms of the deal and the financial status of Genesis. More details...
