BOSTON--(BUSINESS WIRE)--HepaLife Technologies, Inc. (OTCBB:HPLF) (FWB:HL1) (WKN:500625), developing the first-of-its-kind artificial liver device, is pleased to announce the completion of a private placement of $2,500,000 of the Company’s Convertible Note to a single institutional investor. The Convertible Note does not bear interest except upon an event of default, at which time interest shall accrue at the rate of 18% per annum. The Notes have a term of two years and, generally, are convertible at any time during the term at a price equal to 95% of the trading volume weighted average price, as reported by Bloomberg LP (the “VWAP”), for the five trading days immediately prior to the date of notice of conversion. Additionally, the Company also issued to the investor 670,000 share purchase warrants exercisable at $1.50 for a period of five years.
