By Sheri Kasprzak
New York, Aug. 31 - Cardima, Inc. said it has raised another $1 million from a convertible bridge loan it received from Apix International Ltd., bringing to $3 million the total proceeds realized from the offering.
The loan matures in three months, bears interest at 10% and is convertible into common shares at $0.10 each.
Apix will receive warrants for 30 million shares, exercisable at $0.10 each.
The company has received $1 million in proceeds from the deal already and will receive another $500,000 on Sept. 12; $500,000 on Oct. 12; $350,000 on Nov. 18; $350,000 on Dec. 18 and $300,000 on Jan. 18, 2006.
The company initially raised $2 million from the deal closed on Aug. 28.
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: | $3 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: | For 30 million shares
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| Warrant strike price: | $0.10
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| Settlement date: | Aug. 31
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| Stock price: | $0.10 at close Aug. 30
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