Offering includes five-year warrants for 0.3 shares per $1.00 invested
By Devika Patel
Knoxville, Tenn., March 10 - MRI Interventions, Inc. negotiated a $3.55 million private placement of 12% second-priority secured promissory notes on March 7, according to an 8-K filed Monday with the Securities and Exchange Commission.
Each note is due in five years and may be prepaid after three years.
Investors also received five-year warrants for 0.3 common shares per $1.00 invested. Each of the warrants is exercisable at $1.75, which is a 31.58% premium to $1.33, the March 7 closing price.
Proceeds will be used for general business and working capital purposes, which may include redeeming the company's preferred stock.
Based in Memphis, MRI Interventions develops systems for minimally invasive surgical procedures in the brain and heart.
| Issuer: | MRI Interventions, Inc.
|
| Issue: | Second-priority secured promissory notes
|
| Amount: | $3.55 million
|
| Maturity: | Five years
|
| Coupon: | 12%
|
| Call: | After three years
|
| Warrants: | Warrants for 0.3 common shares per $1.00 invested
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.75
|
| Announcement date: | March 10
|
| Pricing date: | March 7
|
| Stock symbol: | OTCBB: MRIC
|
| Stock price: | $1.33 at close March 7
|
| Market capitalization: | $77.2 million
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