AOI Medical, Inc. Successfully Raises US$2.6 Mn


 

TIDMAOI 
 
RNS Number : 9359W 
AOI Medical, Inc. 
05 August 2009 
 

 
 
 
 
Press Information 
 
 
AOI Medical, Inc. Successfully Raises US$2.6 Million Through the Issue of Senior 
Convertible Loan Notes 
 
 
London, UK, 5 August 2009 - AOI Medical, Inc. (the "Company" or "AOI") (AIM: 
AOI), has successfully raised US$2.6 million through the issue of senior 
convertible loan notes. The net proceeds from this fundraising will be used to 
augment the Company's working capital as it nears the completion of a clinical 
trial with Ascendx(TM), its vertebral compression fracture reduction system. 
 
 
The senior convertible loan notes ("SCLN's"), shall be repayable on or before 30 
September 2012 although the SCLN's shall become convertible at the option of the 
holder after 1 October 2011 (the "Conversion Date"). The SCLN's carry a coupon 
of 8 per cent. interest per annum, payable quarterly in arrears until such time 
as they are repaid or converted in accordance with the terms. The SCLN's are 
callable, or repaid with no risk of conversion, by the Company on or before the 
Conversion Date, after which the SCLN's are convertible into shares of common 
stock in the Company ("Common Shares") at a price of 60 cents per Common Share. 
Additionally, subscribers for the SCLN's will be issued 333 warrants, with an 
exercise price of 60 cents per Common Share, for each US$1,000 principal amount 
of SCLNs purchased and an additional 100 warrants for each US$1,000 principal 
amount of SCLNs purchased if the SCLN's have not been repaid by the Conversion 
Date (the "Warrants"). The Warrants may be exercised into new Common Shares at 
any time prior to the fifth anniversary of the issuance of the Warrants. If 
the SCLN's were converted in full after the Conversion Date and all the Warrants 
exercised, 5,459,133 new Common Shares would be issued, representing up to 
approximately 64 per cent. of the current issued share capital of the Company. 
 
 
The SCLN's carry prepayment penalties in year one (1), two (2) and three (3) of 
10 per cent., 20 per cent. and 30 per cent., respectively. 
 
 
Enquiries: 
 
 
+------------------------------------------------+--------------------------+ 
| Numis Securities Limited                       | Tel: +44 (0) 20 7260     | 
|                                                | 1000                     | 
+------------------------------------------------+--------------------------+ 
| Nominated Adviser: Michael Meade / Brent Nabbs |                          | 
+------------------------------------------------+--------------------------+ 
| Corporate Broking: David Poutney               |                          | 
+------------------------------------------------+--------------------------+ 
 
 
This press release shall not constitute an offer to sell or the solicitation of 
any offer to buy any of the securities referred to in this press release (the 
"Securities") in any jurisdiction. None of the Securities will be registered 
under the Securities Act of 1933, as amended (the "Act") or any state securities 
laws, and unless so registered, may not be offered or sold in the United States 
except pursuant to an exemption from the registration requirements of the Act 
and applicable state laws. 
 
 
The Securities are subject to restrictions on transferability and resale and may 
not be transferred or resold except pursuant to registration under or exemption 
from the Act, and applicable state securities laws. 
 
 
Forward-looking statements 
 
 
Some of the statements in this press release are forward-looking. 
Forward-looking statements include statements regarding the intent, belief and 
current expectations of AOI Medical, Inc. or its officers with respect to 
various matters. When used in this press release, the words "expects," 
"believes," "anticipates," "plans," "may," "will," "should" and similar 
expressions, and the negatives thereof, are intended to identify forward-looking 
statements. Such statements are not promises or guarantees, and are subject to 
risks and uncertainties that could cause actual outcome to differ materially 
from those suggested by any such statements. These forward-looking statements 
speak only as of the date of this press release. AOI Medical Inc. expressly 
disclaims any obligation or undertaking to release publicly any updates or 
revisions to any forward-looking statement contained herein to reflect any 
change in its expectations with regard thereto or any change in events, 
conditions or circumstances on which any forward-looking statement is based 
except as required by applicable securities laws. 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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