By Devika Patel
Knoxville, Tenn., Nov. 2 - NovaRay Medical, Inc. arranged a $10 million private placement of series B convertible participating preferred stock with Vision Opportunity Master Fund, Ltd. on Oct. 27, according to an 8-K filed Monday with the Securities and Exchange Commission. It already has raised $3 million in an initial tranche.
The preferreds are being sold at $15.00 apiece.
Vision also will receive 100% warrant coverage. The warrants are exercisable at $1.50 until Oct. 27, 2014.
The company sold 390,360 preferreds and warrants for 2,070,276 shares in the first tranche.
NovaRay is a medical device company based in Palo Alto, Calif.
| Issuer: | NovaRay Medical, Inc.
|
| Issue: | Series B convertible participating preferred stock
|
| Amount: | $10 million
|
| Price: | $15.00
|
| Warrants: | 100% coverage
|
| Warrant expiration: | Oct. 27, 2014
|
| Warrant strike price: | $1.50
|
| Investor: | Vision Opportunity Master Fund, Ltd.
|
| Settlement date: | Oct. 27 (for $3 million)
|
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