By Sheri Kasprzak
New York, July 14 - Implant Sciences Corp. said it has received a $3 million secured term note from Laurus Master Fund, Ltd.
The note bears interest at Prime plus 100 basis points and matures on Nov. 6, 2005. The company may receive an extension on the maturity, under certain circumstances, until Dec. 6, 2005.
On Sept. 30, Laurus will also receive a warrants for up to 250,000 shares, exercisable at $3.75 each for five years.
The proceeds will be used to increase the capacity of the company's Quantum Sniffer production line, to increase the company's inventories and to repay debt owed to Accurel Systems International.
Based in Wakefield, Mass., Implant Sciences develops radioactive implants used to treat prostate cancer.
| Issuer: | Implant Sciences Corp.
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| Issue: | Secured term note
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| Amount: | $3 million
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| Maturity: | Nov. 6, 2005
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| Coupon: | Prime plus 100 basis points
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| Warrants: | For up to 250,000 shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $3.75
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| Investor: | Laurus Master Fund, Ltd.
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| Settlement date: | July 6
|
| Stock price: | $3.56 at close July 6
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