By Sheri Kasprzak
New York, Nov. 27 - Biosensors International Group, Ltd. is gearing up to wrap a private placement of convertible notes for $15 million, with the option to raise up to another $15 million from the deal.
The notes, due Nov. 29, 2009, bear interest at 3.95% annually and are convertible into common shares at S$1.029 each. The conversion price is an 18.27% premium to the company's S$0.87 closing stock price Nov. 24.
The deal is set to close Nov. 30.
The investor, Granite Global Ventures, will receive warrants for 4,552,352 shares, exercisable at S$1.029 each through Nov. 29, 2009.
The second tranche of the offering, for at least $5 million but up to $15 million, will close within 120 days. The investor has agreed to buy another $5 million of the deal regardless of whether Biosensors can secure another $10 million in principal of the notes from other investors.
Proceeds will be used to accelerate clinical trials and new research and development programs.
Biosensors, based in Singapore, develops medical devices used in cardiology and critical care procedures, including stents used in open-heart surgery.
| Issuer: | Biosensors International Group, Inc.
|
| Issue: | Convertible notes
|
| Amount: | $15 million
|
| Maturity: | Nov. 29, 2009
|
| Coupon: | 3.95%
|
| Price: | Par
|
| Yield: | 3.95%
|
| Conversion price: | S$1.029
|
| Warrants: | For 4,552,352 shares
|
| Warrant expiration: | Nov. 29, 2009
|
| Warrant strike price: | S$1.029
|
| Investor: | Granite Global Ventures
|
| Announcement date: | Nov. 27
|
| Settlement date: | Nov. 30
|
| Stock symbol: | Singapore: B20
|
| Stock price: | S$0.87 at close Nov. 24
|
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