By Devika Patel
Knoxville, Tenn., June 29 - API Nanotronics Corp. raised $3.6 million in a private placement of 12% secured convertible promissory notes on June 23, according to an 8-K filed Monday with the Securities and Exchange Commission.
The notes are due on June 23, 2012.
They are convertible into common shares anytime after the company purchases substantially all of the assets of Cryptek Technologies Inc. through the foreclosure of a Cryptek loan at the greater of $0.75 per share and the variable weighted average share price of company during the three trading days ending on the date the company purchases the Cryptek loan.
Proceeds will be used to purchase all of the rights, title and interest of Wachovia Bank, NA and Wachovia Capital Finance Corp. in and to some loans and financing documents, including the Cryptek loan.
Based in Toronto, API manufactures electronic components and systems for the defense and communications industries.
| Issuer: | API Nanotronics Corp.
|
| Issue: | Secured convertible promissory notes
|
| Amount: | $3.6 million
|
| Maturity: | June 23, 2012
|
| Coupon: | 12%
|
| Price: | Par
|
| Yield: | 12%
|
| Conversion price: | Greater of $0.75 and the variable weighted average share price during the three trading days ending on the date the Cryptek loan is purchased
|
| Warrants: | No
|
| Settlement date: | June 23
|
| Stock symbol: | OTCBB: APIA
|
| Stock price: | $0.74 at close June 23
|
| Market capitalization: | $23.9 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
