By Sheri Kasprzak
New York, Aug. 9 - Liquidmetal Technologies Inc. said it has wrapped a private placement of secured convertible promissory notes for $10 million.
The notes bear interest at 7% annually, mature in August 2007 and are convertible into common shares at $2.00 each.
The proceeds from the offering provide for the exchange of a previously issued 10% promissory note due in June 2006 and for the redemption of 10% convertible notes due on July 29, 2005. All of the amounts due under those notes were satisfied. The remainder of the proceeds will be used for working capital.
The investors also received warrants equal to half of the shares issuable upon conversion of the notes. The warrants are exercisable at $2.00 each through Aug. 2, 2010.
Based in Lake Forest, Calif., Liquidmetal develops amorphous metals and alloys used in industry.
| Issuer: | Liquidmetal Technologies Inc.
|
| Issue: | Convertible promissory notes
|
| Amount: | $10 million
|
| Maturity: | August 2007
|
| Coupon: | 7%
|
| Price: | Par
|
| Yield: | 7%
|
| Conversion price: | $2.00
|
| Warrants: | For half of the share issuable upon conversion
|
| Warrant expiration: | Aug. 2, 2010
|
| Warrant strike price: | $2.00
|
| Settlement date: | Aug. 9
|
| Stock price: | $2.10 at close Aug. 9
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
