Raptor Networks Technology closes $3.5 million convertible notes deal

By Sheri Kasprzak

New York, Aug. 1 - Raptor Networks Technology, Inc. settled a $3.5 million private placement of senior secured convertible notes.

The notes are convertible into common shares at $1.2029 each.

The full terms of the offering were unavailable by press time Wednesday.

Proceeds will be used for the company's business plan.

On Wednesday, the stock fell by 6 cents, or 5.13%, to close at $1.11 (OTCBB: RPTN).

Based in Santa Ana, Calif., Raptor Networks develops network switching architectures.

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