Superconductor Technologies : SCON Message Board

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Technology Stocks : Superconductor Technologies : SCON

SCON 2.500

+10.1%

Sep 7 5:00 PM EST

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To: Donald Isenhower who wrote (227)	6/24/1999 11:58:00 AM
From: Wafa SHIHABI	Read Replies (1) of 903

DJ Superconductor Tech Closes $5M Pvt Equity Financing>SCON SANTA BARBARA, Calif. (Dow Jones)--Superconductor Technologies Inc. (SCON) entered into a private equity financing of gross proceeds of $5 million with Tredegar Investments Inc. and Wilmington Securities Inc., a unit of Hillman Co. In a press release Thursday, Superconductor Technologies said the financing will take place in two parts. The company raised $3.8 million in new equity in the convertible preferred shares. Superconductor Technologies sold 77,296 preferred shares, which have a cumulative dividend of 6% and are convertible into 1.5 million common shares. The company also issued warrants to purchase up to 154,592 common shares at $3 each. The second part will have the same terms as the first. Completion will take place after Superconductor Technologies has shareholder approval of the issuances. In a separate release Thursday, Superconductor Technologies said it signed a new working capital credit agreement with PNC Bank Corp.'s (PNC) Venture Bank @ PNC unit for a maximum of $2.5 million, which replaces the previous line of $1.5 million. Superconductor Technologies plans to use the expanded line of credit for working capital purposes. The new agreement expands the ability to borrow against eligible accounts receivable while requiring maintenance of minimum covenants similar to the previous credit facility. Superconductor Technologies makes wireless communications filter products. -Sam Favate; 201-938-5400

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