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Great Basin restructures convertible securities

Great Basin Scientific Inc. entered into agreements with holders of its 2016 convertible notes, series F preferred stockholders and holders of related warrants to purchase common stock in a three-stage restructuring of its outstanding convertible securities.

The restructuring eliminates noteholder controlled variable-rate conversions and provides immediate access to $800,000 in cash and available access to $10.8 million in additional capital through new senior secured series B convertible notes with a mandatory conversion feature.

In addition, the restructuring simplifies the company's capital structure, reduces derivative liabilities, strengthens the balance sheet and prohibits the company from entering into any future variable-rate transactions.