By Sheri Kasprzak
Atlanta, Jan. 20 - VitroTech Corp. has finished a private placement of secured convertible notes for $3 million.
The notes bear interest at 11% annually and mature Dec. 31, 2006. The notes may be extended to Dec. 31, 2007.
The notes are convertible into common shares, but the conversion price could not be obtained by press time Thursday.
The institutional investor that purchased the notes provided an initial advance of $1.5 million, and the remainder will be bought in three $500,000 increments.
The investor also received warrants for 3,625,000 shares initially and will receive warrants for an additional 1,208,333 shares.
The Shemano Group was the placement agent in the offering.
Based in Santa Ana, Calif., VitroTech is a materials technology and research company.
Issuer: | VitroTech Corp.
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Issue: | Secured convertible notes
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Amount: | $3 million
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Maturity: | Dec. 31, 2006
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Coupon: | 11%
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Price: | Par
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Yield: | 11%
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Warrants: | For a total of 4,833,333 shares
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Placement agent: | The Shemano Group
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Settlement date: | Jan. 20
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Stock price: | $0.13
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