By Sheri Kasprzak
New York, April 20 - QPC Lasers, Inc. closed a private placement of discounted notes in principal of $8,198,368 for proceeds of $7,378,531.
The 10% notes were priced at 90 and are convertible at $1.05 each.
The notes are due in April 2009.
The investors also received five-year warrants for 11.7 million shares, exercisable at $1.05 each.
Proceeds will be used for expanded marketing, operations and general corporate purposes.
Based in Sylmar, Calif., QPC develops high-brightness, high-power semiconductor lasers used for defense, homeland security, industrial and medical markets.
| Issuer: | QPC Lasers, Inc.
|
| Issue: | Convertible debentures
|
| Amount: | $8,198,368
|
| Proceeds: | $7,378,531
|
| Maturity: | April 19, 2009
|
| Coupon: | 10%
|
| Price: | 90
|
| Conversion price: | $1.05
|
| Warrants: | For 11.7 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.05
|
| Settlement date: | April 19
|
| Stock symbol: | OTCBB: QPCI
|
| Stock price: | $1.30 at close April 19
|
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