Gyrotron Technology, Inc. announced that it expects to receive $0.31 million in funding.
March 30, 2015
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Gyrotron Technology, Inc. (OTCPK:GYTI) announced the signing of a purchase agreement for the private placement of 8,750 units at $35 per unit for gross proceeds of $306,250 on March 31, 2015. The company will issue securities pursuant to exemption provided under Regulation D. Each unit consists of one share of 10% convertible redeemable series A-2 preferred stock and 25 warrants. Warrant can be exercised into common shares of the company at an exercise price of $1 per share and will mature on December 15, 2016. The warrant may be exercised in whole or in part so long as any exercise in part hereof would not involve the issuance of fractional shares of warrant stock. If exercised in part, the company shall deliver a new warrant, identical in form, as to which that warrant has not been exercised. Each preferred stock has a fixed dividend payment of 10% per annum and is convertible into 50 shares of common stock of the company at a fixed conversion price of $0.70 per share. The dividends shall be payable quarterly, when and if declared by the board of directors, beginning on June 30, 2015 and thereafter on March 31, June 30, September 30 and December 31 of each calendar year. The transaction may include participation from officers, directors and current shareholders of the company, as well as other accredited investors or non-United States persons.
The company may use broker-dealers and other agents to offer and sell the units, or finders to identify and introduce potential subscribers. Compensation may be paid in the amount of up to 6% of the gross proceeds of the units that they have placed which is to be paid in cash or in units, and up to 4% of the number of warrants purchased hereunder as part of the units.
On the same date, the company issued 1,285 units for proceeds of $44,975 in first tranche.
Gyrotron Technology, Inc. is an industrial technologies company. The Company develops and seeks to license industrial technologies primarily to the glass, semiconductor, food, footwear, adhesives and plastics industries, providing a method for heating for industrial processing. Its operations include developing and licensing industrial technologies based on the gyrotron beam, and marketing a continuous in-line process and equipment for the lamination of architectural flat glass and displays, and encapsulation of solar modules (the Gyrotron Laminating System). The Company has developed gyrotron beam applications in various fields of materials processing, including glass heating, melting, cutting, bending, sealing and tempering; semiconductor fabrication; solar cell processing, and ceramic firing, heating, coating and sealing. It provides Gyrotron technology, which is used to process polymers, wood, ceramics, minerals, fiberglass, composites, organic and other non-metallic materials.
GYROTRON TECHNOLOGY, INC. 
