Miravant (MRVT) Obtains $15 Million Convertible Line Of Credit
10/19/2005 5:12:57 PM
SANTA BARBARA, Calif.--(BUSINESS WIRE)--March 8, 2005--Miravant Medical Technologies (OTCBB:MRVT), a pharmaceutical development company specializing in PhotoPoint(R) photodynamic therapy (PDT), announced today that it has finalized a convertible debt line-of-credit agreement for up to $15.0 million with a long-standing Miravant investor. The funds will be available at the Company's discretion in increments of up to $1.0 million per month, with any unused monthly borrowings to be carried forward. The borrowings are convertible into shares of Common Stock based on a premium of 110% of the average monthly closing price of the month preceding each borrowing request. Additionally, we will issue a warrant to purchase one-quarter of a share of Common Stock for each convertible share of Common Stock issued. The exercise price of each warrant will also be equal to 110% of the average monthly closing price of the month preceding the borrowing request.
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