By Laura Lutz
Des Moines, Oct. 31 - Ophthalmic Imaging Systems secured $2.75 million from a private placement of 6.5% convertible notes due 2010, according to a company news release.
The notes are convertible into common stock at a 5% premium to the volume-weighted average price of the stock for the 12 trading days ended Oct. 29.
The investors also received 616,671 warrants, each exercisable at $1.87 for five years.
The Tail Wind Fund Ltd. led the investor group.
Proceeds will be used for potential acquisitions.
Ophthalmic Imaging, a majority-owned subsidiary of MediVision, is a Sacramento, Calif.-based provider of ophthalmic digital imaging systems.
| Issuer: | Ophthalmic Imaging Systems
|
| Issue: | Convertible notes
|
| Amount: | $2.75 million
|
| Maturity: | 2010
|
| Coupon: | 6.5%
|
| Price: | Par
|
| Yield: | 6.5%
|
| Conversion price: | 5% premium to VWAP for 12 trading days ended Oct. 29
|
| Investor: | The Tail Wind Fund Ltd. (lead)
|
| Warrants: | For 616,671 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.87
|
| Announcement date: | Oct. 31
|
| Stock symbol: | OTCBB: OISI
|
| Stock price: | $1.75 at close Oct. 30
|
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