HepaLife Completes Private Placement for $2.5 Million

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....

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