By Devika Patel
Knoxville, Tenn., Aug. 15 - Andover Medical, Inc. said in an 8-K filed Friday with the Securities and Exchange Commission that it took in $1 million from a non-brokered private placement of units on Aug. 11.
Each unit, priced at $1,000, consists of a series E convertible preferred share, each convertible into 2,857 common shares at $0.35 per share, and warrants.
The preferreds pay 8% dividends.
For every underlying common share issuable upon conversion of the preferreds, each investor received one class F warrant, one class G warrant and one class H warrant.
Each class F warrant is exercisable for three common shares at $0.35 per share for 10 years until Aug. 11, 2018.
Each class G warrant is exercisable for one share at $0.40 per share for 10 years until Aug. 11, 2018.
Each class H warrant is exercisable for one share at $0.45 per share for 10 years until Aug. 11, 2018.
Proceeds will be used for working capital and any potential acquisitions.
Andover, based in North Andover, Mass., distributes orthopedic, podiatric and urological devices to physicians.
| Issuer: | Andover Medical, Inc.
|
| Issue: | Units of a series E convertible preferred share and warrants
|
| Amount: | $1 million
|
| Units: | 1,000
|
| Price: | $1,000
|
| Warrants: | Three warrants per common share issuable upon conversion of the preferreds
|
| Warrant expiration: | Aug. 11, 2018
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| Warrant strike price: | $0.35 (class F), $0.40 (class G), $0.45 (class H)
|
| Agent: | Non-brokered
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| Settlement date: | Aug. 11
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| Stock symbol: | TSX Venture: NSM
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| Stock price: | C$0.70 at close Aug. 14
|
|
|
| Preferreds
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| Dividends: | 8%
|
| Conversion price: | $0.35
|
| Conversion ratio: | Into 2,857 common shares
|
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