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Pulse Health plans financings to pay off 9% secured convertible notes
By Devika Patel
Knoxville, Tenn., July 1 - Pulse Health Ltd. said that it expects to be able to satisfy its obligations to repay its 9% secured convertible notes due June 30, 2009.
The company plans to issue new convertible notes, which will be issued to a combination of existing convertible noteholders rolling their current investment into the new convertible notes and new investors buying convertibles.
It also expects to complete a new share allotment at A$0.10 per share, with a 3 for 4 attaching option. The options will be exercisable at A$0.10 for three years.
The company also announced it will divest non-core assets that could raise up to A$2 million, which would be used to retire bank debt and satisfy the balance of the convertible notes.
The convertibles issue and the placement of shares will be finalized shortly.
The company said its board is extremely pleased with this outcome in a difficult climate for capital raisings.
Based in Mascot, Australia, Pulse Health acquires and operates private hospitals and related health care focused organizations.
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