By Laura Lutz
Des Moines, Nov. 13 - Medical Discoveries, Inc. completed a private placement of series B preferred stock for net proceeds of $1.3 million.
Corporativo Lodemo SA de CV and Greenrock Capital Holdings, LLC are the underwriters.
Medical Discoveries sold 1,300 of the preferred shares.
The preferreds are convertible into 11.82 million common shares, an effective conversion price of $0.11.
Proceeds will be used for working capital and general corporate purposes.
Medical Discoveries is a renewable energy company based in Los Angeles.
| Issuer: | Medical Discoveries, Inc.
|
| Issue: | Series B preferred stock
|
| Amount: | $1.3 million (net)
|
| Shares: | 1,300
|
| Conversion price: | $0.11
|
| Conversion ratio: | Into 11.82 million common shares
|
| Investors: | Corporativo Lodemo SA de CV; Greenrock Capital Holdings, LLC
|
| Announcement date: | Nov. 13
|
| Stock symbol: | Pink Sheets: MLSC
|
| Stock price: | $0.06 at close Nov. 12
|
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