By Devika Patel
Knoxville, Tenn., May 22 - Liberator Medical Holdings, Inc. announced a $3.5 million private placement of convertible notes.
The two-year notes are convertible into common shares with an initial conversion price of $0.80.
The single investor also will receive five-year warrants for 8.75 million shares, which are exercisable at $1.00.
Ladenburg Thalmann & Co. Inc. is the agent.
Proceeds will be used to increase the company's advertising and sales efforts and to fund any resulting increase in general and administrative expenses.
Based in Stuart, Fla., Liberator Medical's subsidiary, Liberator Medical Supply, Inc., is a direct-to-consumer provider of medical supplies to Medicare-eligible seniors.
| Issuer: | Liberator Medical Holdings, Inc.
|
| Issue: | Convertible notes
|
| Amount: | $3.5 million
|
| Maturity: | May 22, 2010
|
| Price: | Par
|
| Conversion price: | $0.80
|
| Warrants: | For 8.75 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.00
|
| Agent: | Ladenburg Thalmann & Co. Inc.
|
| Pricing date: | May 22
|
| Stock symbol: | Pink Sheets: LBMH
|
| Stock price: | $0.73 at close May 22
|
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