By Devika Patel
Knoxville, Tenn., April 13 - Intraop Medical Corp. completed a $1.1 million tranche of a $1.5 million private placement of 10% senior secured debentures on Thursday, according to an 8-K filed Monday with the Securities and Exchange Commission.
The debentures mature June 30, 2009. Of the securities, $725,000 were sold to Lacuna Venture Fund LLLP, $250,000 were sold to company director Rawleigh Ralls and $125,000 were sold to E.U. Capital Venture, Inc.
Investors also received warrants for 27,678,567 common shares, which are exercisable at $0.028 for five years.
Proceeds will be used for working capital and other general corporate purposes.
Sunnyvale, Calif.-based Intraop specializes in the development, manufacturing, marketing and servicing of the Mobetron, a mobile electron beam system designed for intraoperative radiotherapy treatment of cancer, coronary vascular restenosis and other medical applications.
| Issuer: | Intraop Medical Corp.
|
| Issue: | Senior secured debentures
|
| Amount: | $1.5 million
|
| Maturity: | June 30, 2009
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Warrants: | For 27,678,567 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.028
|
| Investors: | Lacuna Venture Fund LLLP (for $725,000), Rawleigh Ralls (for $250,000), E.U. Capital Venture, Inc. (for $125,000)
|
| Settlement date: | April 9 (for $1.1 million)
|
| Stock symbol: | OTCBB: IOPM
|
| Stock price: | $0.03 at close April 9
|
| Market capitalization: | $11 million
|
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