By Devika Patel
Knoxville, Tenn., Dec. 7 - NIR Diagnostics Inc. said it has completed a C$2.2 million non-brokered private placement of warrants and a secured convertible redeemable debenture.
The company issued a two-year debenture that will bear interest at 12% and will convert to common shares at C$0.15 per share. Ventabren Holdings Ltd. was the investor.
The debenture may be redeemed at NIR's option at any time with 60 days notice. Ventabren has 30 days after the redemption notice to convert the note. The debenture is secured by a first-priority security interest over the company's assets.
As part of the deal, NIR issued 11 million warrants to Ventabren. Each warrant is exercisable at C$0.20 for two years.
Based in Campbellville, Ont., NIR Diagnostics develops infrared spectroscopic medical diagnostics products.
| Issuer: | NIR Diagnostics Inc.
|
| Issue: | Warrants, secured convertible redeemable debenture
|
| Amount: | C$2.2 million
|
| Maturity: | Dec. 6, 2009
|
| Coupon: | 12%
|
| Price: | Par
|
| Conversion price: | C$0.15
|
| Warrants: | 11 million
|
| Warrant expiration: | Dec. 6, 2009
|
| Warrant strike price: | C$0.20
|
| Agent: | Non-brokered
|
| Investor: | Ventabren Holdings Ltd.
|
| Settlement date: | Dec. 6
|
| Stock symbol: | TSX Venture: NID
|
| Stock price: | C$0.165 at close Dec. 6
|
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