By Sheri Kasprzak
Atlanta, March 11 - Microvision Inc. said it has closed a private placement of senior secured exchangeable convertible notes.
The company sold the notes to four institutional investors.
The notes bear interest at a rate of between 6% and 8% annually and mature in two years. The notes are convertible into common shares at $6.84 each or exchangeable into common shares of subsidiary Lumera Corp. at $5.64 each.
The notes are secured by 1.75 million shares of Lumera's stock.
The investors also received warrants for 462,330 shares at $6.84 each through March 11, 2010.
Based in Bothell, Wash., Microvision develops high-resolution displays and imaging systems.
| Issuer: | Microvision Inc.
|
| Issue: | Senior secured exchangeable convertible notes
|
| Amount: | $10 million
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| Maturity: | Two years
|
| Coupon: | Between 6% and 8%
|
| Conversion price: | $6.84
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| Exchange price: | Into Lumera Corp. shares at $5.64 each
|
| Warrants: | For 462,330 shares
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| Warrant expiration: | March 11, 2010
|
| Warrant strike price: | $6.84
|
| Settlement date: | March 11
|
| Stock price: | $5.87 at close March 11
|
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