By Sheri Kasprzak
New York, April 19 - QPC Lasers, Inc. settled an $8.2 million private placement of convertible debentures.
Of the debentures, $1.6 million included debt obligations exchanged for debentures.
The two-year debentures bear interest at 10% annually and are convertible into common shares at $1.05 each.
The investors received warrants for 11.7 million shares, exercisable at $1.05 each for five years.
Proceeds will be used for expanded marketing, operations and general corporate purposes.
Basedin Sylmar, Calif., QPC develops high-brightness, high-power semiconductor lasers used for defense, homeland security, industrial and medical markets.
| Issuer: | QPC Lasers, Inc.
|
| Issue: | Convertible debentures
|
| Amount: | $8.2 million
|
| Maturity: | Two years
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion price: | $1.05
|
| Warrants: | For 11.7 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.05
|
| Settlement date: | April 19
|
| Stock symbol: | OTCBB: QPCI
|
| Stock price: | $1.30 at close April 19
|
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