Investor Atlas Equity Offshore buys one-year, 12% convertible note
By Devika Patel
Knoxville, Tenn., May 25 - Medical Care Technologies Inc. sold a $25,000 12% convertible note to Atlas Equity Offshore Ltd. on May 21, according to an 8-K filed Friday with the Securities and Exchange Commission. The note was sold in connection with Atlas' purchase of an outstanding $25,000 convertible note that was issued by the company on Nov. 17, 2011 to another investor.
The note matures on May 21, 2013 and converts to common stock at a price equal to a 50% discount from the lowest closing bid price in the 15 trading days prior to the conversion notification date. The note may be prepaid.
The children's health care service provider is based in Beijing.
| Issuer: | Medical Care Technologies Inc.
|
| Issue: | Convertible note
|
| Amount: | $25,000
|
| Maturity: | May 21, 2013
|
| Coupon: | 12%
|
| Conversion price: | 50% discount from the lowest closing bid price in the 15 trading days prior to conversion
|
| Call: | Yes
|
| Warrants: | No
|
| Investor: | Atlas Equity Offshore Ltd.
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| Settlement date: | May 21
|
| Stock symbol: | OTCBB: MDCEE
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