By Devika Patel
Knoxville, Tenn., July 8 - NovaRay Medical, Inc. raised $4.25 million in a private placement of 12% convertible bridge notes on July 2, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
Vision Opportunity Master Fund, Ltd. bought $2.75 million of the notes.
The notes mature on Dec. 31, 2009. They are convertible into common shares at $2.67 per share.
Investors also received warrants for 1.5 million common shares, which are exercisable at $2.67 until July 2, 2014.
NovaRay is a private medical device company based in Newark, Calif.
| Issuer: | NovaRay Medical, Inc.
|
| Issue: | Convertible bridge notes
|
| Amount: | $4.25 million
|
| Maturity: | Dec. 31, 2009
|
| Coupon: | 12%
|
| Price: | Par
|
| Yield: | 12%
|
| Conversion price: | $2.67
|
| Warrants: | For 1.5 million shares
|
| Warrant expiration: | July 2, 2014
|
| Warrant strike price: | $2.67
|
| Investor: | Vision Opportunity Master Fund, Ltd. (for $2.75 million)
|
| Settlement date: | July 2
|
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