By Sheri Kasprzak
Atlanta, May 5 - Micro Component Technology Inc. said it has closed a private placement for $2.5 million.
The company sold a convertible note to Laurus Master Fund Ltd.
The note bears interest at Prime rate plus 175 basis points, matures in three years and is convertible into common shares at $0.23 each.
Laurus also received warrants for 2,566,651 shares at $0.01 each.
Micro Component, based in St. Paul, Minn., manufactures test-handling products for the semiconductor industry.
| Issuer: | Micro Component Technology Inc.
|
| Issue: | Convertible note
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| Amount: | $2.5 million
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| Maturity: | Three years
|
| Coupon: | Prime rate plus 175 basis points
|
| Conversion price: | $0.23
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| Warrants: | For 2,566,651 shares
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| Warrant strike price: | $0.01
|
| Investor: | Laurus Master Fund Ltd.
|
| Settlement date: | April 29
|
| Stock price: | $0.19 at close April 29
|
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