By Sheri Kasprzak
New York, April 24 - The Medical Exchange, Inc. closed a private placement of secured convertible notes for $2.106 million for proceeds for $1.95 million.
The company sold to two institutions and two private investors the notes in two tranches - one for $1.35 million on March 29 and one for $756,000 on April 18.
Of the notes, $1.35 million is due July 29, 2007 and $756,000 is due Aug. 16, 2007.
The zero-coupon notes are priced at 92 and are convertible at $5.00 each.
The investors also received warrants for 2.106 million shares, exercisable at $5.00 each for five years.
Also connected to the deal, the investors received 400,000 common shares.
New York-based Medical Exchange does not currently have significant operations.
| Issuer: | The Medical Exchange, Inc.
|
| Issue: | Secured convertible notes
|
| Amount: | $2.106 million
|
| Proceeds: | $1.95 million
|
| Maturity: | July 29, 2007 (for $1.35 million); Aug. 16, 2007 (for $756,000)
|
| Coupon: | 0%
|
| Price: | 92
|
| Conversion price: | $5.00
|
| Warrants: | For 2.106 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $5.00
|
| Settlement date: | March 29 (for $1.35 million); April 18 (for $756,000)
|
| Stock symbol: | OTCBB: MXCH
|
| Stock price: | $3.00 at close April 18
|
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