Offer consists of 12% subordinated secured convertible notes due 2015
By Devika Patel
Knoxville, Tenn., July 26 - Irvine Sensors Corp. completed a $750,000 second tranche of a private placement of its convertible notes on July 14, according to an 8-K filed on Monday with the Securities and Exchange Commission. The company raised $4.25 million on July 1.
Investors included Costa Brava Partnership III LP and Griffin Fund LP.
The 12% subordinated secured convertible notes are due Dec. 23, 2015. They are convertible into common stock at an initial conversion price of $0.07 per share, which is a 36.36% discount to the $0.11 June 30 closing share price, and may be put after July 16, 2012.
Proceeds will be used for general working capital purposes.
Based in Costa Mesa, Calif., Irvine Sensors produces technologies for three-dimensional imaging.
| Issuer: | Irvine Sensors Corp.
|
| Issue: | Subordinated secured convertible notes
|
| Amount: | $5 million
|
| Maturity: | Dec. 23, 2015
|
| Coupon: | 12%
|
| Conversion price: | $0.07
|
| Put: | After July 16, 2012
|
| Warrants: | No
|
| Investors: | Costa Brava Partnership III LP and The Griffin Fund LP
|
| Settlement date: | July 1 (for $4.25 million), July 19 (for $750,000)
|
| Stock symbol: | Nasdaq: IRSN
|
| Stock price: | $0.11 at close July 1
|
| Market capitalization: | $11.85 million
|
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