AOS in $1.25m convertible note placement

Nedlands-based ophthalmology product development company Advanced Ocular Systems Ltd has placed $1.25 million worth of convertible notes on the ASX to secure further working capital.

The notes will convert into 10 ordinary shares each and will be traded at 94c.

Should this deal be approved by shareholders, AOS will have issued $4 million worth of convertible notes since June 30 2006.

The company said in a statement that the previous issue of $2.75 million worth of notes had been in strong demand, and the company thought it prudent to capitalise on market enthusiasm.