MAHWAH, N.J.--(BUSINESS WIRE)--May 1, 2006--DOBI Medical International, Inc. (DBMI.OB) executed a Securities Purchase Agreement with institutional investors for the private placement (the “Private Placement”) of $6,000,000 in principle amount, of Secured Convertible Debentures maturing on August 28, 2007 and convertible initially into 75,000,000 shares of the Company’s common stock. In addition to the convertible debentures, discounted to $5,250,000, the Company issued eight-month warrants at an exercise price of $.08 per share to purchase up to 75,000,000 shares of common stock and three-year warrants at an exercise price of $.15 per share to purchase up to 75,000,000 shares of common stock, both callable by the Company if certain conditions are met. The Company also issued three-year warrants to purchase up to 37,500,000 shares of common stock at an exercise price of $.50 per share.
