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Amyris announces $28M private placement of convertible promissory notes

Amyris announced an agreement to sell senior convertible promissory notes in a private placement for $28M in cash proceeds. Under the terms of the agreement, one of Amyris's largest stockholders, Temasek, in conjunction with new investors affiliated with Wolverine Asset Management, agreed to purchase an aggregate $28M of the notes. Temasek's participation will complete its commitment to purchase notes under the company's previously announced two-stage convertible note placement. In addition, Total, Amyris's largest stockholder, agreed to cancel approximately an additional $6.1M of outstanding convertible promissory notes to take its pro rata portion of the financing. Amyris expects the closing of this placement to occur on or about January 15, 2014.