By Sheri Kasprzak
New York, July 18 - Omni U.S.A., Inc. said it settled a $1,125,000 private placement of 8% convertible debentures with six private investors.
The debentures mature in 2008 and are convertible into up to 2.25 million common shares at $0.50 each.
The investors also received warrants for up to 2.25 million shares, exercisable at $0.60 each for five years and warrants for up to 2.25 million shares, exercisable at $1.00 each for one year.
The debentures were sold over a period from June 20 through July 14.
Proceeds will be used for working capital.
Based in Carlsbad, Calif., Omni U.S.A. develops software used to test immunoassay and bioassay technologies.
| Issuer: | Omni U.S.A., Inc.
|
| Issue: | Convertible debentures
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| Amount: | $1,125,000
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| Maturity: | 2008
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | $0.50
|
| Conversion ratio: | Into 2.25 million shares
|
| Warrants: | For 4.5 million shares
|
| Warrant expiration: | Five years for 2.25 million shares; one year for 2.25 million shares
|
| Warrant strike price: | $0.60 for 2.25 million shares; $1.00 for 2.25 million shares
|
| Settlement date: | July 14
|
| Stock symbol: | OTCBB: OUSA
|
| Stock price: | $0.45 at close July 14
|
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