Manaris buys back 2.3 million in convertibles and warrants

By Susanna Moon

Chicago, July 30 - Manaris Corp. said it redeemed the majority of its series B subordinated secured convertible promissory notes and its original issue discount series B subordinated secured convertible promissory notes both due Feb. 11, 2009.

The company said it also redeemed half of the associated series Y and Z warrants previously issued in August 2006 and November 2006 in connection with the redeemed notes.

The total purchase price for the redemption of the notes and half of the warrants is $2.3 million.

The redemption of the majority of the notes will remove the dilutive effect that these outstanding notes had on Manaris and its shareholders in the past, according to a press release.

For the remaining half of the warrants, the exercise price was cut and fixed at $0.11 per share.

To repay these notes, the company secured a $2.3 million 8.5% secured loan facility from Imperium Partners Group, LLC

The company stock (OTCBB: MANS) closed at $0.10 on July 23 (last).

Manaris is a Montreal-based holding company for Avensys Inc. and C-Chip Technologies Corp.

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