New Issue: NovaRay Medical seals $1.51 million tranche of 10% notes placement

By Devika Patel

Knoxville, Tenn., March 19 - NovaRay Medical, Inc. settled a $1.51 million tranche of a private placement of series A-1 senior secured 10% convertible notes and series A-2 senior secured 10% convertible notes on March 11, according to an 8-K filed Friday with the Securities and Exchange Commission. It may sell up to $1.2 million more of the series A-1 notes.

Vision Opportunity Master Fund, Ltd. invested $1.08 million for a series A-1 note and received a warrant to purchase up to 716,666 shares, BioBridge LLC invested $225,000 for a series A-1 note and received a warrant to purchase up to 150,000 shares; and Triple Ring Technologies, Inc. invested $208,000 for a series A-2 note.

Both notes mature on June 30, 2010. The warrants expire March 31, 2015.

NovaRay is a medical device company based in Palo Alto, Calif.

Issuer:	NovaRay Medical, Inc.
Issue:	Series A-1 senior secured 10% convertible notes, series A-2 senior secured 10% convertible notes
Amount:	$2,708,000
Maturity:	June 30, 2010
Coupon:	10%
Price:	Par
Yield:	10%
Warrants:	For 866,666 shares
Warrant expiration:	March 31, 2015
Investor:	Vision Opportunity Master Fund, Ltd. (for $1,075,000), BioBridge LLC (for $225,000), Triple Ring Technologies, Inc. (for $208,000)
Settlement date:	March 11 (for $1,508,000)

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