Investors also receive 95,000 shares of common stock
By Angela McDaniels
Tacoma, Wash., May 27 - Diagnostic Imaging International Corp. sold $95,000 of 12% convertible notes due 2017 through a private placement.
The notes are convertible into shares of the company's common stock at an initial conversion rate of $0.15 per share, according to an 8-K filing with the Securities and Exchange Commission.
The conversion price is a 150% premium to the company's $0.06 closing share price on May 21, the day prior to the sale.
In addition, the purchasers of the notes received 95,000 shares.
The Las Vegas-based company provides teleradiology services.
| Issuer: | Diagnostic Imaging International Corp.
|
| Issue: | Convertible notes
|
| Amount: | $95,000
|
| Maturity: | May 31, 2017
|
| Coupon: | 12%, payable monthly
|
| Conversion price: | $0.15 per share
|
| Warrants: | No
|
| Pricing date: | May 22
|
| Stock symbol: | OTCBB: DIIG
|
| Stock price: | $0.06 at close May 27
|
| Market capitalization: | $1.42 million
|
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