By Sheri Kasprzak
New York, June 19 - iCad, Inc. completed a $2 million private placement of a convertible loan with its board chairman, Robert Howard.
Howard has agreed to advance up to $5 million in the convertible loan to iCad under the agreement.
The loan matures March 31, 2008 and bears interest at Prime rate plus 100 basis points. The loan is also convertible into common shares at $1.45 each.
Separately, the company borrowed $300,000 from chief executive officer Kenneth Ferry via convertible promissory notes.
The notes are due June 20, 2008, bear interest at 7% annually and are convertible at $1.50 each.
iCad, based in Nashua, N.H., develops computer-aided detection software used in medical diagnostics.
| Issuer: | iCad, Inc.
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| Issue: | Convertible loan
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| Amount: | $2 million
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| Maturity: | March 31, 2008
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| Coupon: | Prime rate plus 100 basis points
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| Conversion price: | $1.45
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| Warrants: | No
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| Investor: | Robert Howard
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| Settlement date: | June 13
|
| Stock symbol: | Nasdaq: ICAD
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| Stock price: | $1.58 at close June 13
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