Advanced Photonix says investors exercise $1 million in additional investment rights

By Sheri Kasprzak

New York, Sept. 9 - Advanced Photonix, Inc. said investors in a $5 million convertible note offering closed in October 2004 have exercised $1 million in additional investment rights.

The notes issued in the AIRs bear interest at Prime plus 100 basis points and mature on Sept. 30, 2007.

The notes are initially convertible into common shares at $2.1156 each.

The investors also received warrants for 170,164 common shares, exercisable at $1.78 each for five years.

The original investors in the convertible note offering were Smithfield Fiduciary LLC, Iroquois Capital LP, Bluegrass Growth Fund LP and Bluegrass Growth Fund Ltd.

The investors were granted, under the terms of the note offering, AIRs for up to $5 million in additional principal of notes.

The proceeds will be used for working capital.

Based in Camarillo, Calif., Advanced Photonix develops silicon-based light detection products used in applications, such as missile guidance and medical imaging.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.