By Sheri Kasprzak
New York, Sept. 1 - Cardima, Inc. said it has closed a $3 million loan offering with warrants.
The loan includes a rolled over $500,000 promissory note issued on Aug. 16.
The loan matures Feb. 28, 2006 and bears interest at 10% annually.
The investors received warrants for 30 million shares, exercisable at $0.10 each for 10 years.
Based in Fremont, Calif., Cardima develops microcatheter systems used to treat atrial fibrillation.
| Issuer: | Cardima, Inc.
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| Issue: | Loan
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| Amount: | $3 million
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| Maturity: | Feb. 28, 2006
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| Coupon: | 10%
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| Price: | Par
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| Yield: | 10%
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| Warrants: | For 30 million shares
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| Warrant expiration: | 10 years
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| Warrant strike price: | $0.10
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| Settlement date: | Aug. 26
|
| Stock price: | $0.10 at close Aug. 26
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