By Sheri Kasprzak
Atlanta, March 31 - Eye Care International Inc. said it has raised $1 million in a private placement of convertible debentures.
The debentures mature in 2008 and bear interest at 6% annually.
The debentures are convertible into class A common shares at a price equal to 75% of the lowest closing bid price 20 days before conversion.
Divine Capital Markets LLC was the placement agent.
Based in Tampa, Fla., Eye Care offers non-insurance based discount plans for eyewear and eyewear services.
| Issuer: | Eye Care International Inc.
|
| Issue: | Convertible debentures
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| Amount: | $1 million
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| Maturity: | 2008
|
| Coupon: | 6%
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| Price: | Par
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| Yield: | 6%
|
| Conversion price: | 75% of the lowest closing bid price 20 days before conversion
|
| Warrants: | No
|
| Placement agent: | Divine Capital Markets LLC
|
| Settlement date: | March 28
|
| Stock price: | $0.35 at close March 28
|
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