By Sheri Kasprzak
New York, May 16 - Microislet, Inc. closed a $1 million private placement of an unsecured promissory note with warrants.
The note was issued to John J. Hagenbuch, the company's chairman.
The note bears interest at Prime rate flat and is due Jan. 12, 2008. The note may be prepaid at any time without penalty.
Hagenbuch also received warrants for 250,000 shares, exercisable at $0.75 each for 10 years.
San Diego-based Microislet develops transplantation therapy for people with insulin-dependent diabetes.
| Issuer: | Microislet, Inc.
|
| Issue: | Unsecured promissory note
|
| Amount: | $1 million
|
| Maturity: | Jan. 12, 2008
|
| Coupon: | Prime rate
|
| Warrants: | For 250,000 shares
|
| Warrant expiration: | 10 years
|
| Warrant strike price: | $0.75
|
| Investor: | John J. Hagenbuch
|
| Settlement date: | May 15
|
| Stock symbol: | OTCBB: MIIS
|
| Stock price: | $0.51 at close May 15
|
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