By Sheri Kasprzak
Atlanta, Oct. 28 - CardioGenesis Corp. wrapped up a $6 million convertible financing with Laurus Master Fund Ltd., the company said Thursday.
The three-year convertible note bears an interest rate of Prime rate plus 200 basis points and is convertible into common shares at $0.50 per share.
Laurus also received warrants to buy 2.64 million shares.
CardioGenesis is a Foothill Ranch, Calif.-based medical device company specializing in cardiac disease treatment. It plans to use the funds raised in the financing with Laurus to launch its angina-relieving Transmyocardial Revascularization business and to fund research and development.
Issuer: | CardioGenesis Corp.
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Issue: | Convertible notes
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Amount: | $6 million
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Maturity: | Three years
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Coupon: | Prime plus 200 basis points
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Price: | Par
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Conversion price: | $0.50
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Warrants: | For 2.64 million shares
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Investors: | Laurus Master Fund Ltd.
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Pricing date: | Oct. 26
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Settlement date: | Oct. 27
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Stock price: | $0.505 at close Oct. 28
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