Investor Partners for Growth also gets warrants for 15 million shares
By Devika Patel
Knoxville, Tenn., Dec. 15 - Irvine Sensors Corp. settled a $5 million revolving credit facility with Partners for Growth III, LP on Dec. 14, according to an 8-K filed Thursday with the Securities and Exchange Commission. The company has drawn down the entire $5 million.
The 12% revolver matures on Dec. 14, 2013.
Partners for Growth also received warrants for 15 million common shares, exercisable at $11.00 for seven years.
Proceeds were used to pay off the remaining balance of a short-term secured promissory note and will also be used for general working capital purposes.
Based in Costa Mesa, Calif., Irvine Sensors produces technologies for three-dimensional imaging.
| Issuer: | Irvine Sensors Corp.
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| Issue: | Revolving credit facility
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| Amount: | $5 million
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| Maturity: | Dec. 14, 2013
|
| Coupon: | 12%
|
| Warrants: | For 15 million shares
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| Warrant expiration: | Seven years
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| Warrant strike price: | $11.00
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| Investor: | Partners for Growth III, LP
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| Settlement date: | Dec. 14
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| Stock symbol: | OTCBB: IRSN
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| Stock price: | $0.09 at close Dec. 14
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| Market capitalization: | $11.94 million
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