Medical Discoveries issues warrants for 17 million shares

By Laura Lutz

Des Moines, Oct. 26 - Medical Discoveries, Inc. issued warrants for 17 million shares of its common stock to holders of its series A preferred convertible stock, according to an 8-K filing with the Securities and Exchange Commission.

Mercator Momentum Fund, LP; Monarch Pointe Fund, Ltd.; and Mercator Momentum Fund III, LP bought the preferreds in private placements in 2004 and 2005.

Mercator Momentum Fund received warrants for 5,122,100 shares, Monarch Pointe received warrants for 6,050,300 shares and Momentum Fund III received warrants for 5,827,600 shares.

The warrants are exercisable at $0.01 until Oct. 17, 2017.

The strike price will be adjusted if the company issues more stock or equity-based securities or if it pays cash - other than dividends - to its stockholders.

Based in Los Angeles, Medical Discoveries is focused on commercializing oil from the Jatropha plant. The company's stock closed unchanged at $0.075 on Oct. 26 (Pink Sheets: MLSC).

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