By Sheri Kasprzak
New York, Oct. 3 - Implant Sciences Corp. said it has completed a private placement for $2 million.
The company sold 500,000 shares of series D cumulative convertible preferred stock at $4.00 each to Laurus Master Fund, Ltd.
The preferreds are convertible into 735,000 common shares at $6.80 each for three years.
The preferreds pay annual dividends at Prime rate plus 100 basis points.
Laurus also received warrants for 50,000 shares, exercisable at $10.20 each.
Proceeds from the deal were used to repay a $3 million term note issued on July 5, 2005. The rest will be used for working capital.
Based in Wakefield, Mass., Implant Sciences makes ion technology products used in the semiconductor, homeland security and medical device sectors.
Issuer: | Implant Sciences Corp.
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Issue: | Series D cumulative convertible preferred stock
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Amount: | $2 million
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Shares: | 500,000
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Price: | $4.00
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Dividends: | Prime rate plus 100 basis points
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Conversion price: | $6.80
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Conversion ratio: | Into 735,000 common shares
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Warrants: | For 50,000 shares
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Warrant strike price: | $10.20
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Investor: | Laurus Master Fund, Ltd.
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Settlement date: | Sept. 30
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Stock price: | $5.64 at close Sept. 30
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