By Sheri Kasprzak
New York, May 17 - Material Technologies, Inc. has secured another $1 million from a private placement with Golden Gate Investors, Inc. originally closed in late-December 2005.
The latest closing brings to $1.4 million the proceeds raised so far.
The 5.25% debentures are due in 2008 and are convertible into common shares at the lesser of $0.70, 80% of the average of the three lowest volume weighted average prices for the 20 trading days before conversion or 80% of the volume weighted average price on the day before conversion.
Also, Golden Gate has agreed to buy another $3 million in principal of the debentures once a registration statement is declared effective.
On Dec. 23, Golden Gate bought $40,000 in principal of the debentures.
Along with the agreement to purchase additional principal of the debentures, Golden Gate agreed to cancel warrants for 4 million shares originally issued with the offering.
Based in Los Angeles, Material Technologies develops technologies to detect defects in the structural integrity of buildings.
| Issuer: | Material Technologies, Inc.
|
| Issue: | Convertible debentures
|
| Amount: | $1 million
|
| Maturity: | 2008
|
| Coupon: | 5.25%
|
| Price: | Par
|
| Yield: | 5.25%
|
| Conversion price: | The lesser of $0.70, 80% of the average of the three lowest volume weighted average prices for the 20 trading days before conversion or 80% of the volume weighted average price on the day before conversion
|
| Warrants: | No
|
| Investor: | Golden Gate Investors, Inc.
|
| Settlement date: | May 8
|
| Stock symbol: | OTCBB: MTNA
|
| Stock price: | $0.25 at close May 8
|
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