By Devika Patel
Knoxville, Tenn., Sept. 30 - Media Sciences International Inc. sold $1.25 million of its 10% convertible notes to MicroCapital Fund, LP and MicroCapital Fund, Ltd. on Sept. 24, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The three-year notes are convertible into common shares at $1.65 per share.
MicroCapital also received three-year warrants, which are exercisable for $1.25 million in additional notes and for five-year warrants. The five-year warrants are exercisable for 387,787 common shares at $1.65.
The three-year warrants may expire sooner if the company's shares close at or above a certain price per share for at least 24 trading days within a 30 trading day period.
Proceeds will be used to fund capital expenditure and working capital requirements associated with the company's China-based manufacturing operations.
Based in Oakland, N.J., Media Sciences makes printing supplies for color printing businesses. It plans to use the proceeds for working capital.
Issuer: | Media Sciences International Inc.
|
Issue: | Convertible notes
|
Amount: | $1.25 million
|
Maturity: | Three years
|
Coupon: | 10%
|
Price: | Par
|
Yield: | 10%
|
Conversion price: | $1.65
|
Warrants: | For 387,787 shares
|
Warrant expiration: | Five years
|
Warrant strike price: | $1.65
|
Investors: | MicroCapital Fund, LP and MicroCapital Fund, Ltd.
|
Settlement date: | Sept. 24
|
Stock symbol: | Nasdaq: MSII
|
Stock price: | $1.70 at close Sept. 24
|
© 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.