Liquidmetal Technologies (NasdaqNM:LQMT) Message Board

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Technology Stocks : Liquidmetal Technologies (NasdaqNM:LQMT)

LQMT 0.146

+0.3%

Oct 30 3:45 PM EDT

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To: Jacques Tenzel who wrote (38)	1/8/2007 7:37:58 PM
From: Tadsamillionaire	of 56

Liquidmetal(R) Technologies Completes Private Placement of Approximately $ 19.8 Million Liquidmetal(R) Technologies Inc. (OTCBB:LQMT) announced the completion of a private placement of $19.8 million in principal amount of 8% Convertible Subordinated Notes due December 2009. The Notes were issued in consideration of aggregate cash in the amount of $12.9 million and in payment of a total of $6.9 million in principal and accrued but unpaid interest under the Company's previously issued 7% Senior Secured Convertible Notes Due August 2007 and the Company's 8% Unsecured Subordinated Notes Due August 2007. During the five days following the closing of the private placement, the Company will satisfy the remaining $7.5 million in 7% Senior Secured Convertible Notes through the payoff of such notes and through the negotiated conversion of such notes into common stock of the Company. The Notes issued by the Company in the Private Placement will become due on the 3rd anniversary of the issue date of the Notes and require the Company make principal amortization payments beginning in July 2008 at a rate of 1/36th of the initial principal amount per month for each month thereafter that the Notes remain outstanding. Prior to maturity, the Notes will bear interest at 8% per annum with interest being paid quarterly on the first day of each calendar quarter beginning April 1, 2007. The Notes are convertible into shares of the Company's common stock at $1.55 per share, subject to certain anti-dilution rights. As a part of the Private Placement, the Company issued Warrants to the purchasers of the Notes giving them the right to purchase a number of shares of Company common stock equal to 50% of the principal amount of the purchaser's Notes divided by the $1.93 conversion price of the Note. The Warrants will expire on January 3, 2011. Commenting on the completion of the funding, Larry Buffington, President and CEO, stated, "We are excited to strengthen our company with conversion of existing debt to equity and raising funds for ongoing Liquidmetal Technologies operations. Our expectations for growing customer relationships and higher levels of revenue in 2007 remain very strong. In parallel, we are pursuing incremental bottom line improvement with both business and infrastructure investment."

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