By Sheri Kasprzak
New York, Dec. 15 - Viking Systems, Inc. said it has raised $3 million from a private placement of a convertible bridge facility.
The company issued to St. Cloud Capital Partners, LP $3 million in promissory notes.
The notes mature on March 22, 2006, bear interest at 10% annually and are convertible at the investor's option at $0.20 each.
Viking may force conversion if it raises at least $3 million in a public or private stock deal before maturity of the notes at a price equal to or greater than $0.30 per share.
The notes were issued to replace notes initially sold to St. Cloud on March 22, 2005.
St. Cloud also received warrants for 937,500 shares, exercisable at $0.40 each for 42 months.
Based in La Jolla, Calif., Viking Systems designs laproscopic vision systems used by surgeons for minimally invasive surgery.
| Issuer: | Viking Systems, Inc.
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| Issue: | Promissory notes
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| Amount: | $3 million
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| Maturity: | March 22, 2006
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| Coupon: | 10%
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| Price: | Par
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| Yield: | 10%
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| Conversion price: | $0.20
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| Warrants: | For 937,500 shares
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| Warrant expiration: | 42 months
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| Warrant strike price: | $0.40
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| Investor: | St. Cloud Capital Partners, LP
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| Settlement date: | Dec. 13
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| Stock price: | $0.45 at close Dec. 13
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