By Devika Patel
Knoxville, Tenn., July 30 - NewCardio, Inc. settled a $3 million private placement of debentures on July 30, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The debt was structured as a 12% secured revolving debenture due March 31, 2011.
In addition, the investors will receive five-year warrants for 750,000 common shares, which are exercisable at $0.01 per share.
Santa Clara, Calif.-based NewCardio is a development-stage cardiac diagnostic company focused on the research, development and commercialization of products and services for the non-invasive diagnosis and monitoring of cardiovascular disease.
| Issuer: | NewCardio, Inc.
|
| Issue: | Secured revolving debentures
|
| Amount: | $3 million
|
| Maturity: | March 31, 2011
|
| Coupon: | 12%
|
| Price: | Par
|
| Yield: | 12%
|
| Warrants: | For 750,000 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.01
|
| Settlement date: | July 30
|
| Stock symbol: | OTCBB: NWCI
|
| Stock price: | $1.18 at close July 29
|
| Market capitalization: | $29 million
|
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