26 February 1998: Photran Corp., US manufacturer of optical and electrically conducive thin film coated products, announced it has raised US$ 3.5 million through a convertible debt placement.
The com…
26 February 1998: Photran Corp., US manufacturer of optical and electrically conducive thin film coated products, announced it has raised US$ 3.5 million through a convertible debt placement. The company said it would use US$ 1.5 million to cover remaining costs related to January“s settlement with Photran“s former Chinese joint venture partner, the Shenzen WABO Group Company Ltd. Other proceeds will be used to expand capacity. Under the terms of the loan, US-based St. James Capital Partners LP is supposedly providing US$ 3.5 million in cash, convertible to 875,000 shares of Photran common stock at US$ 4 a share, Photran said. The loan is payable in 18 months if not converted, with an interest rate of 10% per year. St. James also received warrants that will generate another US$ 5 million for Photran when exercised. The warrants enable St. James to purchase an additional 1.225 million shares of Photran common stock at US$ 4 per share over the next five years, Photran said.