By Laura Lutz
Des Moines, Dec. 31 - NovaRay Medical, Inc. closed a $12.94 million private placement of convertible preferred stock and warrants, according to an 8-K filing with the Securities and Exchange Commission.
The investors included Vision Opportunity Master Fund Ltd.; Lynda Wijcik; Commerce and Industry Insurance Co.; AIU Insurance Co.; AIG Private Equity Portfolio, LP; AIG Horizon Partners Fund LP; AIG Horizon Side-by-Side Fund LP; Wheatley MedTech Partners, LP; Lloyd Investments, LP; Heartstream Capital BV; BioBridge LLC; and Arie Jacob Manintveld.
The company sold 4,946,888 shares of series A convertible preferred stock. The investors also received five-year series A warrants for 1,648,960 common shares, one-year series J warrants for 2,309,469 convertible preferred shares and a one-year series J-A warrant for up to 769,823 common shares.
NovaRay may sell up to $7.23 million of additional preferreds and series A warrants in additional closings through 45 days after Dec. 27.
Each preferred share is convertible into one common share at a conversion price of about $2.67 per common share.
The warrant strike prices are $4.25 per common share for the series A warrants, $4.33 per preferred share for the series J warrants and $6.91 per common share for the series J-A warrants.
NovaRay is a medical device company based in Palo Alto, Calif.
| Issuer: | NovaRay Medical, Inc.
|
| Issue: | Series A convertible preferred stock
|
| Amount: | $12,944.274.82
|
| Greenshoe: | For $7,230,125.03
|
| Preferreds: | 4,946,888
|
| Conversion ratio: | Each preferred share into one common share
|
| Conversion price: | $2.67
|
| Warrants: | Series A for 1,648,960 common shares; series J for 2,309,469 preferred shares; series J-A for 769,823 common shares
|
| Warrant expiration: | Five years for series A; one year for series J and J-A
|
| Warrant strike price: | $4.25 for series A; $4.33 for series J; $6.91 for series J-A
|
| Settlement date: | Dec. 27
|
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