By Sheri Kasprzak
New York, Aug. 15 - Apogee Technology, Inc. has completed a private placement for $2 million.
The company sold a secured convertible term note to Laurus Master Fund, Ltd.
The note matures on Aug. 9, 2008, bears interest at Prime rate plus 200 basis points and is convertible into common shares at $1.05 each. The note must be paid in cash for the first 120 days but may be paid in either cash or shares after the first 120 days.
Laurus also received warrants for 85,000 shares, exercisable at $1.22 each for seven years.
Based in Norwood, Mass., Apogee produces digital audio amplifier chips.
| Issuer: | Apogee Technology, Inc.
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| Issue: | Secured convertible term note
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| Amount: | $2 million
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| Maturity: | Aug. 9, 2008
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| Coupon: | Prime plus 200 basis points
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| Conversion price: | $1.05
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| Warrants: | For 85,000 shares
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| Warrant expiration: | Seven years
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| Warrant strike price: | $1.22
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| Investor: | Laurus Master Fund, Ltd.
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| Settlement date: | Aug. 9
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| Stock price: | $0.92 at close Aug. 9
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