By Devika Patel
Knoxville, Tenn., Dec. 16 - Implant Sciences Corp. said it sold $5.6 million of senior secured convertible promissory notes to DMRJ Group, LLC on Dec. 10.
The 11% notes will be convertible at $0.26 per share. They mature Dec. 10, 2009.
In addition, the company issued a five-year warrant for 1 million shares, exercisable at $0.26.
Proceeds will be used to repay debt and redeem preferred shares, as well as for working capital and general corporate purposes.
Based in Wakefield, Mass., Implant Sciences makes ion technology products used in the semiconductor, homeland security and medical device sectors.
Issuer: | Implant Sciences Corp.
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Issue: | Senior secured convertible promissory notes
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Amount: | $5.6 million
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Maturity: | Dec. 10, 2009
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Coupon: | 11%
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Price: | Par
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Yield: | 11%
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Conversion price: | $0.26
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Warrants: | For 1 million shares
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Warrant expiration: | Five years
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Warrant strike price: | $0.26
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Investor: | DMRJ Group, LLC
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Settlement date: | Dec. 10
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Stock symbol: | Amex: IMX
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Stock price: | $0.21 at close Dec. 10
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Market capitalization: | $3.82 million
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