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Article: Implant Sciences Converts $3 Million Note into Convertible Preferred Stock; Convertible Preferred Stock Instrument Also Provides an Additional $2 Million to the Company Which is Convertible at a Premium to Current Market Price.
- Article from:
- Business Wire
- Article date:
- October 3, 2005
CopyrightCOPYRIGHT 2005 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WAKEFIELD, Mass. -- Implant Sciences Corporation (AMEX: "IMX", "IMX.WS") a developer and manufacturer of products for national security, medicine and industry, today announced that it has paid off the $3 million 120-day note and has raised an additional $2 million from Laurus Master Fund, Ltd. ("Laurus") on September 30, 2005. The Company issued 500,000 shares of Series D Cumulative Convertible Preferred Stock which can be paid back in cash or converted into the Company's common stock at a fixed conversion price equal to $6.80 per common share, up to a maximum of approximately 735,000 shares, over a thirty-six (36) month period. The preferred stock has a dividend equal to ...