SALEM, N.H., March 3 -- StockerYale Inc. announced it has completed the placement of $6.6 million consisting of $4 million in convertible notes with Laurus Master Fund Ltd., and $2.6 million of common stock with existing and new institutional investors.
The company said it used the proceeds to refinance the mortgage on its Salem, N.H., headquarters, which is currently listed for sale with C.B. Richard Ellis. StockerYale makes structured light lasers, LEDs, fiber optic and fluorescent illumination technologies as well as specialty optical fiber and phase masks for use in the machine vision, telecommunications, aerospace, defense and security, utilities, industrial inspection and medical markets.
"We continue to make strong progress improving the quality of our balance sheet by replacing short-term debt with longer-term debt," said Mark W. Blodgett, CEO. "Over time, this debt can be converted into equity which will allow us more financial flexibility," added Blodgett.
For more information, visit: www.stockeryale.com