Key Developments: Dyadic International Inc (DYAI.PK)

Dyadic International, Inc. Raises $3 Million In Private Placement of Convertible Notes
Wednesday, 5 Oct 2011 09:15am EDT 

Dyadic International, Inc. announced that it has completed a private placement of $3,000,000 in convertible subordinated secured promissory notes (Notes) to five investors. The Notes will pay interest quarterly at a rate of 8% per annum and are convertible at the holder's option into shares of Dyadic common stock. Unless converted, the Notes will mature on January 1, 2013. Dyadic expects to use proceeds from this offering for working capital including continued investments in research and development, new product introductions and general corporate purposes.  Full Article