By Devika Patel
Knoxville, Tenn., Jan. 7 - Viking Systems, Inc. said it arranged a $5 million line of credit with Dutchess Opportunity Fund, II, LP.
Dutchess has committed to purchase up to $5 million of the company's common shares over three years at a 4% discount to a calculated volume-weighted average market price.
The shares will be sold in tranches of up to 200% of the average daily volume of the common stock for the three trading days prior to the put notice date, multiplied by the average of the three daily closing prices immediately preceding the put date, or $100,000, whichever is less.
Based in Westborough, Mass., Viking manufactures visualization systems for minimally invasive surgery.
| Issuer: | Viking Systems, Inc.
|
| Issue: | Equity line of credit
|
| Amount: | $5 million
|
| Tenor: | Three years
|
| Price: | 4% discount
|
| Warrants: | No
|
| Investor: | Dutchess Opportunity Fund, II, LP
|
| Pricing date: | Jan. 7
|
| Stock symbol: | OTCBB: VKNG
|
| Stock price: | $0.26 at close Jan. 6
|
| Market capitalization: | $13.2 million
|
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