Premier Laser Systems Completes Financing
IRVINE, Calif., Feb. 14 -- Premier Laser Systems Inc. has completed a private round of financing during which it issued $2 million of secured convertible debentures. The debentures carry a coupon of six percent, and are convertible into shares of the company's Class A Common Stock at a rate to be determined by the price of this stock at the time of conversion, subject to antidilutive provisions and certain other conditions.
According to Robert Mahoney, CFO of Premier Laser Systems, Proceeds from this transaction were used to refinance certain bridge loans and to provide additional working capital to help finance our sales and marketing efforts while we seek additional sources of financing. Premier Laser Systems develops, manufactures and markets medical and dental lasers, fiber optic delivery systems and associated products for use in dental, ophthalmic, dermatologic and surgical applications.
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