By Sheri Kasprzak
New York, July 28 - Naturade Inc. said it has completed a $4 million private placement with Laurus Master Fund Ltd.
Laurus bought a $1 million term note and a $3 million revolving line of credit.
The note and the credit line bear interest at Prime rate plus 200 basis points, mature July 26, 2008 and are convertible into common shares at $0.80 each.
Laurus also received warrants for up to 8,721,375 shares at $0.02 each.
The proceeds will be used for working capital and acquisitions. Some of the proceeds were used to retire an existing bank facility.
Based in Irvine, Calif., Naturade produces health supplements.
Issuer: | Naturade Inc.
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Issue: | Term note ($1 million) and revolving line of credit ($3 million)
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Amount: | $4 million
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Maturity: | July 26, 2008
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Coupon: | Prime rate plus 200 basis points
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Conversion price: | $0.80
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Warrants: | For up to 8,721,375 shares
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Warrant strike price: | $0.02
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Investor: | Laurus Master Fund Ltd.
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Settlement date: | July 28
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Stock price: | $0.25 at close July 28
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