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StockerYale Completes Private Placement of $5.5 Million Convertible Note
June 17, 2004 |Estimated reading time: Less than a minute
Salem, N.H. — StockerYale Inc. has completed the placement of a $5.5 million convertible note with current institutional investors led by Laurus Master Fund Ltd.
The note is convertible into StockerYale common shares at $2.15 per share. The note carries an interest rate of 1 percent above prime, is subject to a minimum of 5 percent, and is payable in either cash or stock. The company can elect to pre-pay the three-year note in cash. In addition, the institutional investors were also issued 440,000 warrants to purchase common stock at $3.12 per share over seven years.
The company used the proceeds to retire its $3.4 million credit facility with Merrill Lynch Business Financial Services and to provide additional working capital. The company has implemented a plan to strengthen its balance sheet through the issuance of convertible notes.
StockerYale Inc. is an independent designer and manufacturer of structured light lasers, light emitting diodes (LEDs), fiber optic and fluorescent illumination technologies as well as specialty optical fiber, phase masks and diffractive optics for use in a wide range of markets and industries including the machine vision, telecommunications, aerospace, defense and security, utilities, industrial inspection, and medical. For more information, visit www.stockeryale.com.