By Devika Patel
Knoxville, Tenn., May 21 - Eastland Medical Systems Ltd. said it completed a A$1.75 million issue of 6% secured convertible notes via RM Corporate Finance Pty Ltd.
The notes are convertible at A$0.03 per share at any time after Dec. 21, 2009. They are due on June 30, 2012.
Proceeds will be used for working capital, debt reduction and to support the commencement of the ArTiMist trial in Africa.
Eastland is a medical device company based in West Perth, Australia.
| Issuer: | Eastland Medical Systems Ltd.
|
| Issue: | Secured convertible notes
|
| Amount: | A$1.75 million
|
| Maturity: | June 30, 2012
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Conversion price: | A$0.03
|
| Warrants: | No
|
| Agent: | RM Corporate Finance Pty Ltd.
|
| Settlement date: | June 2
|
| Stock symbol: | Australia: EMS
|
| Stock price: | A$0.046 at close June 2
|
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