PET vendor Positron has agreed to sell a 50% ownership stake to a Canadian PET center operator that has also committed to buying 10 of the company's scanners.
Positron will garner $2 million in financing over the next seven months though a series of agreements with PET center developer IMAGIN Diagnostic Centres of Toronto. When the financing is completed and if all conversion rights are exercised, IMAGIN will control approximately one-half of Positron's common stock.
In the first stage of the financing, IMAGIN has agreed to purchase an aggregate of $700,000 face amount of Positron's 10% convertible secured notes, $400,000 of which were purchased yesterday, according to the Houston-based company. The notes are due May 21, 2006.
In the second round of financing, IMAGIN agreed to purchase an aggregate of $1.3 million of Positron's 10% secured convertible notes. The firm has agreed to purchase the notes over a six-and-a-half-month period, starting on July 15, according to Positron.
In connection with the financing, IMAGIN will purchase an aggregate of 10 PET scanners at a purchase price of $1.3 million each. IMAGIN's obligations to purchase the scanners are subject to obtaining all necessary Canadian regulatory approvals for the importation into and use of the equipment in Canada, Positron said.
By AuntMinnie.com staff writersMay 28, 2004
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