Offering includes five-year warrants for 0.3 shares per $1.00 invested
By Devika Patel
Knoxville, Tenn., March 31 - MRI Interventions, Inc. completed a $3.73 million private placement of 12% second-priority secured promissory notes on March 31, according to an 8-K filed Monday with the Securities and Exchange Commission. The deal was announced on March 10 and priced for $3.55 million on March 7.
Each note is due on March 25, 2019 and may be prepaid after three years.
Investors also received five-year warrants for 0.3 common shares per $1.00 invested, or warrants for 1,117,500 shares. Each of the warrants is exercisable at $1.75, which is a 31.58% premium to $1.33, the March 7 closing price.
Proceeds will be used for general business and working capital purposes, which may include redeeming the company's preferred stock.
Based in Memphis, MRI Interventions develops systems for minimally invasive surgical procedures in the brain and heart.
| Issuer: | MRI Interventions, Inc.
|
| Issue: | Second-priority secured promissory notes
|
| Amount: | $3,725,000
|
| Maturity: | March 25, 2019
|
| Coupon: | 12%
|
| Call: | After three years
|
| Warrants: | For 1,117,500 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.75
|
| Announcement date: | March 10
|
| Pricing date: | March 7
|
| Settlement date: | March 31
|
| Stock symbol: | OTCBB: MRIC
|
| Stock price: | $1.33 at close March 7
|
| Market capitalization: | $68.71 million
|
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