What are the terms of your June 19, 2009 sale of the $40 million Senior Convertible Notes and warrants to purchase an additional 1.5 million shares?
The Notes bear initial interest at 3% per annum, which will be increased each year, as specified in the Notes up to a maximum of 12% per annum, payable quarterly, at the Company’s option, in cash or shares of the Company’s common shares, par value $0.0001 per shares (the “Common Shares”). The Notes have a five year term through June 19, 2014, and are convertible into Common Shares at any time or times after the Company obtains Shareholder Approval, as discussed below, and are subject to customary anti-dilution adjustments. The initial conversion price of the Notes is $10.637 per Common Share. The Company may redeem the Notes at 110% of the principal amount, plus any accrued and unpaid interest, beginning November 19, 2011, provided the market price of the Common Shares is at least 200% of the then applicable conversion price for 20 consecutive trading days prior to the redemption. The Notes are subject to events of default customary for convertible securities. The Warrants grant the Bu
