Published on 12/4/2009 in the Prospect News PIPE Daily.
New Issue: MedClean Technologies negotiates $7.5 private placement of preferreds
By Devika Patel
Knoxville, Tenn., Dec. 4 - MedClean Technologies Inc. arranged a $7.5 million private placement of 10% series C preferred shares with Socius Capital Group, LLC on Dec. 4, according to an 8-K filed Friday with the Securities and Exchange Commission.
The company will sell 750 preferreds at $10,000 apiece. Socius will also receive five-year warrants, which will replace a prior warrant issued to the investor.
MedClean is a Connecticut, Conn., medical waste systems service provider.
| Issuer: | MedClean Technologies Inc.
|
| Issue: | Series C preferred shares
|
| Amount: | $7.5 million
|
| Shares: | 750
|
| Price: | $10,000
|
| Dividends: | 10%
|
| Warrants: | Yes
|
| Warrant expiration: | Five years
|
| Investor: | Socius Capital Group, LLC
|
| Pricing date: | Dec. 4
|
| Stock symbol: | OTCBB: MCLN
|
| Stock price: | $0.03 at close Dec. 4
|
| Market capitalization: | $16.9 million
|
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