Implant Sciences investor DMRJ agrees to extend debt to Oct. 31, 2016

By Devika Patel

Knoxville, Tenn., July 21 – Implant Sciences Corp. said it amended its secured credit agreements with its senior secured lender, DMRJ Group LLC.

DMRJ has agreed to extend the maturity of the debt to Oct. 31, 2016 from March 31, 2016.

In connection with the extension, the conversion price of the company’s September 2012 convertible promissory note was reduced to $0.19 per share from $1.09 per share for up to $7 million of the debt and the remaining conversion rights under the note and the company’s February 2013 convertible promissory note were waived.

Additionally, Implant Sciences may purchase another business with applications in the defense and homeland security spaces. To allow such an acquisition, the company has issued a conditional five-year warrant to DMRJ for 50,657,894 shares with a floor exercise price of $0.19 per share. The warrant will be cancelled if the acquisition is not completed.

The maturity of the BAM note has been extended as well to Oct. 30, 2016 from June 29, 2016.

Based in Wakefield, Mass., Implant Sciences makes ion technology products used in the semiconductor, homeland security and medical device sectors.

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