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
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| 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
|
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