By Sheri Kasprzak
New York, May 21 - Andover Medical, Inc. completed a $1.7 million private placement of units comprised of series B convertible preferred stock and warrants.
The company issued 34 units at $50,000 each.
Each unit includes 50 shares of the preferred stock, as well as class C warrants for 142,850 shares and class D warrants for 142,850 shares.
The 6% preferreds are initially convertible into 142,850 common shares at $0.35 each.
Both the class C and D warrants are exercisable at $0.35 per share for five years.
Proceeds will be used for working capital and general corporate purposes.
Located in North Andover, Mass., Andover Medical is a medical device company serving the podiatric, orthopedic and urologic sectors.
| Issuer: | Andover Medical Corp.
|
| Issue: | Units of 50 series B convertible preferred shares, class C warrants for 142,850 shares, class D warrants for 142,850 shares
|
| Amount: | $1.7 million
|
| Units: | 34
|
| Price: | $50,000
|
| Dividends: | 6%
|
| Conversion price: | $0.35
|
| Conversion ratio: | Into 142,850 common shares
|
| Warrants: | Class C for 142,850 shares per unit; class D for 142,850 shares per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.35
|
| Settlement date: | May 3
|
| Stock symbol: | OTCBB: ADOV
|
| Stock price: | $0.63 at close May 3
|
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