By Sheri Kasprzak
New York, July 5 - Reflect Scientific, Inc. completed a $2.5 million private placement of convertible debentures.
The 12% debentures are due June 29, 2009 and are convertible into 3,846,154 common shares at $0.65 each. The conversion price is a 60.6% discount to the company's $1.65 closing stock price on June 29.
The investors also received warrants for 3,846,154 shares. Half of the warrants are exercisable at $0.80 each and the other half at $1.00. The warrants expire in five years.
vFinance Investments, Inc. was the placement agent.
On the closing date, Reflect prepaid the first two quarterly interest payments.
Based in Orem, Utah, Reflect manufactures and distributes scientific supplies and materials.
| Issuer: | Reflect Scientific, Inc.
|
| Issue: | Convertible debentures
|
| Amount: | $2.5 million
|
| Maturity: | June 29, 2009
|
| Coupon: | 12%
|
| Price: | Par
|
| Yield: | 12%
|
| Conversion price: | $0.65
|
| Conversion ratio: | Into 3,846,154 shares
|
| Warrants: | For 3,846,154 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.80 for half; $1.00 for half
|
| Placement agent: | vFinance Investments, Inc.
|
| Settlement date: | June 29
|
| Stock symbol: | OTCBB: RSCF
|
| Stock price: | $1.65 at close June 29
|
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