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Like I had presumed on earlier post, STKR took off today on heavy insider buying, volume was over 200% of normal trading volume,, and all this on no news,, something HUGE could be brewing,, be careful though, I've been bitten by this in the past,, but BOlingers are closing in,, stock looks ready to get back up to $7.00 IMHO
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Ridgeland, MS, DEC 13, 2004 (EventX/Knobias.com via COMTEX) -- StockerYale, Inc. (STKR) filed an 8-K on 12/13, in which the Company reported that on 12/7, it completed a private placement of Secured Convertible Notes in an aggregate principal amount of $1.0 million with two existing current institutional investors led by Laurus Master Fund, Ltd. The notes are convertible into StockerYale common shares at $1.10 per share at any time, subject to provisions limiting each investor to holding 5% of the outstanding StockerYale common shares at any one time.
The Notes carry an interest rate of 2% above the prime rate, subject to a minimum interest rate of 6.0%, and is payable in either cash or stock. StockerYale can elect to pre-pay the three-year note in cash. In addition, the institutional investors were also issued warrants to purchase an aggregate 100,000 shares of common stock at $1.38 per share, 66,000 shares of common stock at $1.60 per share, and 24,000 shares at $1.71 per share which warrants expire seven years from the issuance date. The transaction documents executed with each investor were substantially identical. StockerYale agreed with the investors to file a registration statement with the SEC registering shares underlying the Notes and warrants within 30 days following closing. StockerYale used the proceeds for working capital.
On December 8 through December 13, 2004, StockerYale, Inc. completed a private placement of 2,924,546 shares of Common Stock at $1.10 per share with existing institutional shareholders and certain directors and officers of the Company. These investors were also issued warrants entitling them to purchase an aggregate of 731,137 common shares at $1.38 per share over five years. Lawrence Blodgett, Director, Raymond Oglethorpe, Director, Mark Blodgett, Director and Chief Executive Officer. and Ricardo Diaz, Chief Operating Officer, participated in the placement.
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