By Devika Patel
Knoxville, Tenn., Jan. 23 - MicroMed Cardiovascular, Inc. has agreed to complete a $10 million private placement of an unsecured convertible note, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company would receive $1 million at closing and the balance would be funded over 30 months.
The note would convert into common shares at $0.02 per share and carry a 7.5% coupon. It would be repaid over two years, beginning in February 2011.
If the investor chooses to convert more than $1 million of the note, the company's certificate of incorporation would have to be amended to increase its authorized share capital, which currently is 100 million shares.
MicroMed, based in Houston, develops heart pumps.
| Issuer: | MicroMed Cardiovascular, Inc.
|
| Issue: | Unsecured convertible note
|
| Amount: | $10 million
|
| Maturity: | February 2013
|
| Coupon: | 7.5%
|
| Price: | Par
|
| Yield: | 7.5%
|
| Conversion price: | $0.02
|
| Warrants: | No
|
| Pricing date: | Jan. 23
|
| Stock symbol: | OTCBB: MMCV
|
| Stock price: | $0.011 at close Jan. 22
|
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