Niche MRI developer Magna-Lab has announced the receipt of $5 million in additional financing, contributed in large part by investment firm Noga Investments in Technology.
Noga has already provided $850,000 in capital since December 31, and was committed to fund an additional $2.15 million by July 27. In exchange for new commitments by Noga, however, Magna-Lab of Syosset, NY, has agreed to receive the money in stages: $750,000 on July 28, $700,000 by September 15, and $700,000 by October 15.
Along with investments made and scheduled, Noga had an option to purchase additional shares as necessary to satisfy minimum capital requirements for listing on the NASDAQ Small Cap market. Noga and Magna-Lab have replaced that right with a commitment from Noga to purchase additional common stock.
Magna-Lab plans to seek a listing on the NASDAQ Small Cap or American stock exchanges as soon as it can reasonably meet the listing requirements, according to the firm.
By AuntMinnie.com staff writersJuly 31, 2000
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Magna-Lab resurfaces at ACC conference, March 17, 2000.
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