By Sheri Kasprzak
New York, Aug. 15 - Cardima, Inc. said it has raised $2 million from a private placement of a convertible bridge loan with Apix International Ltd.
The loan matures in three months, bears interest at 10% and is convertible into common shares at $0.10 each.
On Aug. 12, the company received $500,000 from the loan and will receive another $500,000 once the agreement is executed. The offering is scheduled to close on Aug. 28. The remaining $1 million will be received in two tranches of $500,000 on or before Sept. 12 and Oct. 12.
A portion of the proceeds will be used to retire an existing loan facility with Agility Capital, LLC. The remainder will be used for working capital.
Based in Fremont, Calif., Cardima develops microcatheter systems used to treat atrial fibrillation.
| Issuer: | Cardima, Inc.
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| Issue: | Convertible bridge loan
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| Amount: | $2 million
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| Maturity: | Three months
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| Coupon: | 10%
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| Price: | Par
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| Yield: | 10%
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| Conversion price: | $0.10
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| Warrants: | No
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| Investor: | Apix International Ltd.
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| Announcement date: | Aug. 15
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| Settlement date: | Aug. 28
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| Stock price: | $0.105 at close Aug. 15
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