By Sheri Kasprzak
New York, May 30 - QPC Lasers, Inc. settled a $10.6 million private placement.
The offering is the second of two financing rounds, the first of which was closed in April.
The two-year debentures bear interest at 10% annually and are convertible into common shares at $1.05 each.
The investors also received warrants for 15.1 million shares, exercisable at $1.05 each for five years.
T.R. Winston & Co., LLC was the placement agent.
Proceeds will be used for marketing, operations and general corporate purposes.
Based in Sylmar, Calif., QPC develops and commercializes high-brightness, high-power semiconductor lasers used in the industrial, defense and medical sectors.
| Issuer: | QPC Lasers, Inc.
|
| Issue: | Convertible debentures
|
| Amount: | $10.6 million
|
| Maturity: | Two years
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | $1.05
|
| Warrants: | For 15.1 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.05
|
| Placement agent: | T.R. Winston & Co., LLC
|
| Settlement date: | May 29
|
| Stock symbol: | OTCBB: QPCI
|
| Stock price: | $1.18 at close May 29
|
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