By Sheri Kasprzak
New York, April 24 - Norwood Abbey Ltd. said it has wrapped a private placement for $3 million.
The company issued a 12% note to a U.S.-based institutional investor.
The note is due in one year and is convertible into common shares at A$0.305 each.
The investor received options for 3,963,012 shares, exercisable at A$0.35 each through April 10, 2010.
Based in Victoria, Australia, Norwood Abbey develops products used in laser eye surgery and other optical procedures.
| Issuer: | Norwood Abbey Ltd.
|
| Issue: | Convertible note
|
| Amount: | $3 million
|
| Maturity: | One year
|
| Coupon: | 12%
|
| Price: | Par
|
| Yield: | 12%
|
| Conversion price: | A$0.305
|
| Options: | For 3,963,012 shares
|
| Options expiration: | April 10, 2010
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| Options strike price: | A$0.35
|
| Settlement date: | April 24
|
| Stock symbol: | Australia: NAL
|
| Stock price: | A$0.34 at close April 24
|
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