By Laura Lutz
Des Moines, Sept. 21 - Microislet, Inc. received $1 million from the private placement of a unsecured convertible promissory note and warrant with existing investor Peter Knobel.
The note bears interest at 10% per year and matures on March 31, 2008. If Microislet raises at least $4.5 million from an equity-based financing before March 31, 2008, the note will mature on the closing date of the financing.
The investor may choose to convert all or a part of the principal and accrued interest into the securities sold in the first equity-based financing that Microislet completes, on the same terms as the rest of the financing.
It may be prepaid at any time without penalty.
Knobel also received a warrant for 400,000 shares at an exercise price of $0.40. The warrant will become exercisable one year after issuance and expire after five years.
MicroIslet is a San Diego-based biotechnology company that develops and commercializes transplant technologies.
| Issuer: | Microislet, Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $1 million
|
| Maturity: | March 31, 2008
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion: | On terms of future equity-based financing
|
| Call: | For par plus accrued interest
|
| Warrant: | For 400,000 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.40
|
| Settlement date: | Sept. 20
|
| Stock symbol: | OTCBB: MIIS
|
| Stock price: | $0.56 at close Sept. 21
|
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