Series B preferreds may each be converted into 10,000 common shares
By Devika Patel
Knoxville, Tenn., April 16 - Medefile International, Inc. raised $100,000 in a private placement of series B convertible preferred stock with Lyle Hauser on April 12, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company sold 100,000 preferreds at $1.00 apiece.
The preferreds automatically convert into common stock at a ratio of 10,000 common shares per preferred.
Hauser also received warrants for 1 million shares, which are each exercisable at $0.0001 for four years.
Cedar Knolls, N.J.-based Medefile, formerly OmniMed International Inc., has created a system for gathering and digitizing medical records so that individuals can have a record of all of their medical visits.
Issuer: | Medefile International, Inc.
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Issue: | Series B convertible preferred stock
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Amount: | $100,000
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Shares: | 100,000
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Price: | $1.00
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Conversion ratio: | Into 10,000 common shares (per preferred)
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Warrants: | For 1 million shares
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Warrant expiration: | Four years
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Warrant strike price: | $0.0001
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Investor: | Lyle Hauser
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Settlement date: | April 12
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Stock symbol: | Pink Sheets: MDFI
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Market capitalization: | $3.52 million
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