By Sheri Kasprzak
New York, Jan. 25 - Biophan Solutions, LLC said it has entered into a $5 million convertible credit facility with Biomed Solutions, LLC.
The facility bears interest at 8% annually and is convertible into common shares at $1.46 each.
There is a $1.5 million limit to each draw over a 30-day period and the line of credit agreement expires on June 30, 2007.
Biomed received warrants for up to 1,198,630 shares, exercisable at $1.89 each through Jan. 23, 2011.
Based in Rochester, N.Y., Biophan develops biomedical technologies used with magnetic resonance imaging.
| Issuer: | Biophan Solutions, LLC
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| Issue: | Credit facility
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| Amount: | $5 million
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| Maturity: | June 30, 2007
|
| Coupon: | 8%
|
| Price: | Par
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| Yield: | 8%
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| Conversion price: | $1.46
|
| Warrants: | For 1,198,630 shares
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| Warrant expiration: | Jan. 23, 2011
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| Warrant strike price: | $1.89
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| Investor: | Biomed Solutions, LLC
|
| Settlement date: | Jan. 24
|
| Stock symbol: | OTCBB: BIPH
|
| Stock price: | $1.61 at close Jan. 24
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