Carrington Completes $8 Million...( Fundi...)
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Funding for:
- Human Tests of Nasal Powder Vaccine with Bird Flu
- Preservative Free
- No Cold Storage Required
- Room Temperature More Than 30 Months
- New Equipment For Operating Efficiencies
- Increase Working Capital
IRVING, Texas, Aug. 23 /PRNewswire-FirstCall/ -- Carrington Laboratories, Inc. (Pink Sheets: CARN) today announced it has entered into definitive agreements with certain institutional investors for the second tranche of an $8 million private placement of convertible debentures and common stock warrants subject to customary closing conditions. The first tranche of the private placement totaled approximately $4.4 million and closed on April 26, 2007. The second tranche totaled approximately $3.6 million.
The senior secured convertible debentures bear interest at a rate of ten percent per year. The debentures issued at the first closing are convertible into shares of the Company's common stock at an initial conversion price of $2.01 per share. The debentures issued at the second closing are convertible into shares of the Company's common stock at an initial conversion price of $0.80 per share, a premium over the closing market price on the date of the closing.
As part of this second closing transaction, Carrington also issued
additional warrants that are exercisable to purchase 4,543,714 shares of
the Company's common stock at a price of $0.80 per share. At the first
closing there were two sets of warrants issued. Those warrants issued at
the first closing and tied to the first tranche remain priced at $2.01,
while those tied to the second tranche are priced at $0.80. The warrants
are not exercisable until October 25, 2007 and have a seven-year term. The
Company may potentially raise an additional $6 million from the issue of
the warrants if all the investor warra
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| SOURCE Carrington Laboratories, Inc. Copyright©2007 PR Newswire. All rights reserved |
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