New York, Sept. 10 - World Heart Corp. said it signed agreements to sell $13.32 convertible unsecured debentures in a private placement.
The convertibles pay a coupon of 3% and convert at $1.25 per share. World Heart stock closed at $1.20 on Friday.
The Ottawa-based medical device company will also issue warrants at the rate of one warrant per share underlying the convertibles. The warrants have an exercise price of $1.55.
Completion of the transaction is subject to regulatory approval, expected in the near future.
| Issuer: | World Heart Corp.
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| Issue: | Convertible unsecured debentures
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| Amount: | $13.31875 million
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| Coupon: | 3%
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| Conversion price: | $1.25
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| Warrants: | 1 warrant per share underlying the debentures
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| Warrant exercise price: | $1.55
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| Stock price: | $1.20 at close on Sept. 10
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