Jaguar Health (JAGX) said Wednesday that it has entered into securities purchase agreements to issue up to nearly $3.5 million in convertible promissory notes to Chief Executive Lisa Conte, three board members, seven other senior executives, and selected investors.

The notes, which have a 3-month maturity and 6% annual interest, can be converted into common stock at the investors' option, the company said. In addition, the investors will receive unregistered warrants that can be exercised immediately and will expire in five years, or in the event of a major transaction or liquidation event, the company added.

The proceeds from this private placement, set to close around Thursday, will be used for working capital and other general corporate purposes, Jaguar Health said.

Shares of Jaguar Health fell 6.7% in recent trading.

Price: 5.05, Change: -0.36, Percent Change: -6.65