New Issue: Ambient raises $10 million from convertible debentures sale

By Sheri Kasprzak

New York, May 30 - Ambient Corp. has concluded a $10 million private placement of senior secured convertible debentures.

The two-year debentures bear interest at 8% annually. The conversion price of the debentures could not be determined Tuesday evening.

The institutional and individual investors participating in the offering also received class A warrants, exercisable at $0.20 each, and class B warrants, exercisable at $0.25 each. The full terms of the warrants could not be determined by press time Tuesday.

The proceeds will be used for development of the company's products as well as for the pursuit of strategic alliances with utilities that have expressed an interest in Ambient's broadband-over-power-lines technology. The rest will be used for commercialization and working capital.

Boston-based Ambient develops broadband-over-power-lines technologies.

The stock gained a penny to close at $0.19 Tuesday (OTCBB: ABTG).

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