By Laura Lutz
Des Moines, Oct. 24 - North American Scientific, Inc. entered into an amendment to its loan agreement with Agility Capital, LLC, allowing for advances of up to $1 million, according to an 8-K filing with the Securities and Exchange Commission.
Agility has already advanced $500,000 to North American Scientific.
After execution of the amendment, North American Scientific will be allowed to borrow up to $500,000 from John Friede or an entity controlled by him if that debt is subordinated to the debt owed to Agility.
Amounts borrowed under the amendment will mature on Nov. 20.
In connection with the deal, Agility received a seven-year warrant for $362,500 of shares of North American Scientific.
The shares issued upon exercise of the warrant will be priced at the lowest of the closing price of the company's stock on the date before the issue date, the average closing price of the stock for the 30 days before the issue date or the price at which the company next issues stock or equity-linked securities.
Based in Chatsworth, Calif., the company produces technologies for radiation oncology.
| Issuer: | North American Scientific, Inc.
|
| Issue: | Loan
|
| Amount: | $1 million
|
| Maturity: | Nov. 20, 2007
|
| Price: | Par
|
| Warrants: | For $362,500 of shares
|
| Warrant expiration: | Seven years
|
| Warrant strike price: | Lowest of the closing price of the stock on the day before the issue date, the average closing price of the stock for the 30 days before the issue date or the price at which the company next issues stock or equity-linked securities
|
| Investor: | Agility Capital, LLC (for $500,000); John Friede (for $500,000)
|
| Pricing date: | Oct. 18
|
| Stock symbol: | Nasdaq: NASI
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| Stock price: | $0.69 at close Oct. 24
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