By Sheri Kasprzak
New York, Dec. 4 - Neoprobe Corp. obtained from Fusion Capital Fund II, LP a $6 million common stock purchase agreement.
Under the two-year agreement, Fusion may buy shares of Neoprobe at a discount to be determined based upon the market price at the time of a draw without a set discount. Fusion may not buy shares of Neoprobe on any business day the company's stock is below $0.20.
Neoprobe reserved 13.44 million shares for the offering.
The deal comes on the heels of news that Neoprobe extended the maturity on $8.1 million secured convertible notes first issued in December 2004.
The notes, held by Great Point Partners LLC, will now be due Jan. 7, 2009, pushed back from Dec. 13, 2008.
For the extension, the interest rate will be increased to 12% from 8%.
Neoprobe, located in Dublin, Ohio, produces gamma detection systems used by cancer surgeons.
| Issuer: | Neoprobe Corp.
|
| Issue: | Common stock purchase agreement
|
| Amount: | $6 million
|
| Tenor: | Two years
|
| Price: | A discount to the then-current market price at the time of a draw, no set discount
|
| Warrants: | No
|
| Investor: | Fusion Capital Fund II, LP
|
| Settlement date: | Dec. 1
|
| Stock symbol: | OTCBB: NEOP
|
| Stock price: | $0.30 at close Dec. 1
|
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