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MedMira negotiates fixed conversion price on $3.2 million debenture placement
By Sheri Kasprzak
Atlanta, March 17 - MedMira Inc. said it has negotiated a fixed conversion price on $3.2 million in convertible debentures the company sold in August 2004.
The debentures will now be convertible into common shares at $1.12 each.
The conversion price had been set to equal the issue price of a future equity offering during the term of the debentures.
The other terms remain unchanged. The debentures are due Aug. 9, 2006 and bear interest at 15% annually.
MedMira, based in Halifax, N.S., develops and markets diagnostic tests for clinical laboratories.
On Thursday, MedMira's stock closed down $0.07 at $1.16.
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