American Scientific closes $1.5 million convertible note offering

By Sheri Kasprzak

New York, Oct. 25 - American Scientific Resources said it has wrapped a private placement of convertible notes for $1.5 million.

The company issued the senior unsecured convertible notes to a private investment fund.

The full details of the offering could not be determined by press time Tuesday.

Proceeds will be used to fund the company's anticipated growth in its core operating divisions, including Heart Smart System and Kidz-Med.

Based in New Paltz., N.Y., American Scientific is a holding company for surgical supply concerns.

On Tuesday, the company's stock remained unchanged at $1.80.

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