By Sheri Kasprzak
New York, July 9 - Neoprobe Corp. settled a $1 million private placement.
The company sold 10% convertible notes to David Bupp, the company's chief executive officer; Cynthia Gochoco; and Walter Bupp.
The notes are due July 8, 2008 and are convertible into common shares at $0.31 each, a price equal to 125% of the average closing stock price for the five trading days ended July 3.
The investors also received warrants for 500,000 shares, exercisable at $0.31 per share for five years.
Neoprobe, based in Dublin, Ohio, develops surgical and diagnostic products.
| Issuer: | Neoprobe Corp.
|
| Issue: | Convertible notes
|
| Amount: | $1 million
|
| Maturity: | July 8, 2008
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | $0.31
|
| Warrants: | For 500,000 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.31
|
| Investors: | David Bupp, Cynthia Gochoco, Walter Bupp
|
| Settlement date: | July 3
|
| Stock symbol: | OTCBB: NEOP
|
| Stock price: | $0.23 at close July 3
|
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