By Sheri Kasprzak
Atlanta, Feb. 2 - VisiJet Inc. said it raised $4,845,000 in cash from a private placement of a total of $7,695,000 in convertible debentures.
The remaining $2.85 million was exchanged for previously issued convertible debentures.
The debentures mature Jan. 14, 2015 and are convertible into common shares at $0.35 each.
The investors also received warrants for 4,845,000 shares at $0.40 each for five years.
The group of investment funds that participated in the offering was led by Renaissance Capital Group Inc. and included Corsair Capital, Roaring Fork Capital Management, Alpha Capital AG, Little Gem Life Sciences and Liberty View Capital.
Based in Irvine, Calif., VisiJet is a medical device company focused on marketing and developing ophthalmic surgery products for the laser-eye surgery and cataract-surgery markets. The proceeds from the offering will be used to support marketing and sales of its lead product, the EpiLife System. The remainder will be used to improve the company's short-term debt structure.
| Issuer: | VisiJet Inc.
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| Issue: | Convertible debentures
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| Amount: | $4,845,000
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| Maturity: | Jan. 14, 2015
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| Coupon: | 8%
|
| Price: | Par
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| Yield: | 8%
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| Conversion price: | $0.35
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| Warrants: | For 4,845,000 shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $0.40
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| Investors: | Renaissance Capital Group Inc. (lead); Corsair Capital; Roaring Fork Capital Management; Alpha Capital AG; Little Gem Life Sciences; Liberty View Capital.
|
| Settlement date: | Jan. 14
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| Stock price: | $0.50 at close Jan. 14
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