By Sheri Kasprzak
New York, April 23 - Medical Solutions Management Inc. completed a $1.266 million private placement of senior secured convertible debentures with Vicis Capital Master Fund and Apogee Financial Investments Inc.
The two investors bought 6% debentures due March 30, 2009. The debentures are convertible at $0.30 each.
The investors also received warrants for 4.22 million shares exercisable at $0.345 each and warrants for 4.22 million shares exercisable at $0.375 each for five years.
Vicis also received an additional warrant for 4,000,001 shares, exercisable at $2.00 each for five years. The warrants were issued in consideration of a December promissory note in principal of $0.4 million and a January promissory note in principal of $0.2 million.
Those notes were note paid off by their stated maturity dates, according to a form 8-K filed Monday with the Securities and Exchange Commission.
Based in Marlboro, Mass., Medical Solutions develops orthopedic and podiatric medical equipment.
| Issuer: | Medical Solutions Management Inc.
|
| Issue: | Senior secured convertible debentures
|
| Amount: | $1.266 million
|
| Maturity: | March 30, 2009
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Conversion price: | $0.30
|
| Warrants: | For 8.44 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.345 for half; $0.375 for half
|
| Investors: | Vicis Capital Master Fund, Apogee Financial Investments Inc.
|
| Settlement date: | April 17
|
| Stock symbol: | OTCBB: MSMT
|
| Stock price: | $3.00 at close April 17
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
