The loan is convertible into equity at the company's next financing round.
Maayan Ventures Ltd. (TASE:MAYN) portfolio company Surgix Ltd., has raised $550,000 in the form of owner's loans from current shareholders. Maayan Ventures owns 32% of Surgix, which is developing an imaging-based computer assisted surgery system.
At least $250,000 of the loan is convertible into Surgix shares at the company's next financing round at a discount of 25% of the company's share price for the round. If the financing round is not held within eight months, or within eleven months if the parties agree, the lenders may convert the loan into preferred shares of Surgix at $2.16 per share, at a company value of $3 million before money.
Published by Globes [online], Israel business news - www.globes-online.com - on December 11, 2008
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