VG Life Sciences Inc. (OTCPK:VGLS) announced a private placement of convertible debentures with existing investor, MedBridge Venture Fund, LLC for gross proceeds of $2,235,000 on October 2, 2013. The debentures carry a minimum face value of $250,000 and a maximum face value of $2,500,000. The debentures carry a fixed rate of interest at 8% per annum. The debentures are convertible into common shares of the company at a conversion price that is 10% lower than the three day average closing price starting on July 16, 2013 and ending September 15, 2013. The company will also issue one warrant with each common share upon conversion of the debentures. Each warrant will entitle the holder to purchase an additional common share of the company at $0.45 per share not before 48 months and not after 60 months, unless the board resolves to allow exercise of shares prior to the fourth year.

On October 2, 2013, VG Life Sciences Inc. closed the transaction.