Daily News: May 7, 2012

Stereotaxis to Raise $18.5MM, Amend Facility With SVB

Stereotaxis entered into definitive agreements with select institutional investors to raise total gross proceeds of approximately $18.5 million in two financing transactions. The company also announced an amendment to its credit agreement with Silicon Valley Bank (SVB), including extending its revolving credit facility to March 31, 2013.

In a private offering of common stock, Stereotaxis will raise $10 million through the issuance of approximately 21.7 million shares of common stock and 6-year warrants to purchase approximately 21.7 million additional shares of common stock at an exercise price of $0.3361 per share. In addition, the company announced a private placement of approximately $8.5 million of unsecured, subordinated, convertible promissory debentures which will be convertible into shares of common stock at a price of $0.3361 per share at all times following the date the company is required to receive shareholder approval of the transactions. In connection with the sales of the debentures, the company is also issuing 6-year warrants to purchase common stock equal to 100% of the shares underlying the Debentures or approximately 25.2 million