By Sheri Kasprzak
New York, Dec. 22 - MedMira Inc. said it has renegotiated the terms of a C$2.3 million convertible debenture first issued in August 2004.
The debenture now bears interest at 15% annually, matures Dec. 31, 2007 and is convertible into common shares at C$0.66 each.
Also, MedMira may require the debenture holder to convert half of the principal amount any time its closing stock price is equal to or greater than 150% of the conversion price for more than 10 consecutive trading days.
On Aug. 10, 2004 the company issued the debenture in the principal amount of C$2.5 million to four investors. The debenture initially had a two-year term, bore interest at 15% annually and had been convertible at the issue price of a future equity offering.
Halifax, N.S.-based MedMira manufactures and markets in vitro flow-through rapid diagnostic tests.
| Issuer: | MedMira Inc.
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| Issue: | Convertible debentures
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| Amount: | C$2.3 million
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| Maturity: | Dec. 31, 2007
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| Coupon: | 15%
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| Price: | Par
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| Yield: | 15%
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| Conversion price: | C$0.66
|
| Warrants: | No
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| Renegotiated: | Dec. 22
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| Stock price: | C$0.69 at close Dec. 21
|
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