By Devika Patel
Knoxville, Tenn., March 24 - Irvine Sensors Corp. took in $1.65 million in a private placement of its convertible debentures on March 24, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The 20% debentures were sold in units at a purchase price of $6,000 per unit, with each of the 275.22 units consisting of one one-year unsecured convertible debenture with a principal repayment obligation of $5,000, one one-year unsecured non-convertible debenture with a principal repayment obligation of $5,000 and a five-year warrant for 3,125 common shares.
Half of the unit price, or $3,000, was paid for each debenture.
The warrants are exercisable at $0.40, which is also the conversion price for the convertible debenture.
Based in Costa Mesa, Calif., Irvine Sensors produces technologies for three-dimensional imaging.
| Issuer: | Irvine Sensors Corp.
|
| Issue: | Units of one one-year unsecured convertible debenture, one one-year unsecured non-convertible debenture and one warrant
|
| Amount: | $1,651,320
|
| Units: | 275.22
|
| Price: | $6,000
|
| Warrants: | One warrant for 3,125 shares per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.40
|
| Settlement date: | March 24
|
| Stock symbol: | Nasdaq: IRSN
|
| Stock price: | $0.265 at close March 24
|
| Market capitalization: | $3.71 million
|
|
|
| Convertible debenture
|
| Maturity: | One year
|
| Coupon: | 20%
|
| Price: | 60% of par
|
| Yield: | 20%
|
| Conversion price: | $0.40
|
|
|
| Non-convertible debenture
|
| Maturity: | One year
|
| Coupon: | 20%
|
| Price: | 60% of par
|
| Yield: | 20%
|
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