12.5% deal through Western Technology Investment comes with warrants
By Devika Patel
Knoxville, Tenn., Nov. 22 - Bacterin International Holdings, Inc. arranged a $5 million 12.5% credit facility with two subsidiaries of Western Technology Investment on Nov. 19, according to an 8-K filed Monday with the Securities and Exchange Commission. The investor will also invest up to $3 million in the company's next new round of equity financing.
The company may draw down $2.5 million initially and may draw down an additional $2.5 million through April 30, 2011.
Western Technology also received warrants for 375,000 common shares. The warrants are initially exercisable at $4.00 until April 30, 2018.
The strike price reflects a 45.95% discount to the Nov. 18 closing share price of $7.40.
The developer of anti-infective coatings for medical applications is based in Belgrade, Mont.
| Issuer: | Bacterin International Holdings, Inc.
|
| Issue: | Credit agreement
|
| Amount: | $5 million
|
| Maturity: | April 30, 2011
|
| Coupon: | 12.5%
|
| Price: | Par
|
| Warrants: | For 375,000 shares
|
| Warrant expiration: | April 30, 2018
|
| Warrant strike price: | $4.00
|
| Investor: | Western Technology Investment
|
| Settlement date: | Nov. 19
|
| Stock symbol: | OTCBB: BIHI
|
| Stock price: | $7.40 at close Nov. 19
|
| Market capitalization: | $248.91 million
|
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