By Devika Patel
Knoxville, Tenn., May 20 - MedClean Technologies Inc. arranged a $15 million private equity credit agreement with Southridge Partners II LLP on May 17, according to an 8-K filed Thursday with the Securities and Exchange Commission.
Under the terms of the three-year agreement, Southridge may buy shares of MedClean Technologies at a price per share equal to 95% of the average of two lowest closing bid prices of any two trading days, consecutive or inconsecutive, during the five-trading-day period following a draw notice.
MedClean is a Connecticut, Conn., medical waste systems service provider.
Issuer: | MedClean Technologies Inc.
|
Issue: | Private equity credit agreement
|
Amount: | $15 million
|
Tenor: | Three years
|
Price: | 95% of the average of two lowest closing bid prices of any two trading days during the five-trading-day period following a draw notice
|
Warrants: | No
|
Investor: | Southridge Partners II LLP
|
Settlement date: | May 17
|
Stock symbol: | OTCBB: MCLN
|
Stock price: | $0.01 at close May 17
|
Market capitalization: | $7.72 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.