By Sheri Kasprzak
New York, Dec. 1 - Microvision, Inc. said it has received agreements for a private placement of $7 million in senior secured convertible notes and stock.
The notes mature on March 15, 2007 and are convertible into common shares at $3.94 each. The notes bear interest at Libor plus 300 basis points with a floor of 6% and a ceiling of 8%.
The company will also issue 837,986 shares at $3.58 each.
The investors will receive warrants for 1,089,386 shares, exercisable for five years at $3.94 each.
Proceeds will be used for working capital.
Based in Bothell, Wash., Microvision develops high-resolution displays and imaging systems used in military, medical, industrial and consumer applications.
Convertible notes
| Issuer: | Microvision, Inc.
|
| Issue: | Senior secured convertible notes
|
| Amount: | $7 million
|
| Maturity: | March 15, 2007
|
| Coupon: | Libor plus 300 basis points; 6% floor, 8% ceiling
|
| Conversion price: | $3.94
|
| Warrants: | No
|
| Settlement date: | Nov. 30
|
| Stock price: | $3.58 at close Nov. 30
|
|
|
| Stock
|
| Issuer: | Microvision, Inc.
|
| Issue: | Stock
|
| Amount: | $3 million
|
| Shares: | 837,986
|
| Price: | $3.58
|
| Warrants: | For 1,089,386 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $3.94
|
| Settlement date: | Nov. 30
|
| Stock price: | $3.58 at close Nov. 30
|
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