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Verichip plans to use a portion of the proceeds to fund its development programs with RECEPTORS LLC to develop a virus triage detection system for the H1N1 virus and an in vivo glucose-sensing RFID microchip.
The remainder of the funds will reportedly be used for working capital and general corporate purposes.
The company may issue convertible preferred shares from time to time in multiple tranches. The shares will accrue a 10% in kind dividend and provides an option for the company to prepay with a make-whole premium.
The tranches will be convertible into restricted common stock at the market price on the date of each tranche.
Also, in conjunction with the financing, R & R Consulting Partners LLC agreed to enter into one or more Stock Loan Agreements with Optimus to facilitate the transaction.
The financing is subject to customary closing conditions.
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