By Devika Patel
Knoxville, Tenn., July 31 - Medical Solutions Management Inc. raised $3 million in a private placement of series D convertible preferred stock on July 30, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The 300,000 preferreds were sold at $10.00 apiece to Vicis Capital Master Fund. The preferreds are convertible into 30 million common shares.
Vicis also received two warrants. One warrant is exercisable for 90 million common shares at $0.10 for five years. The other five-year warrant is exercisable for 149,671,846 shares at $0.10.
Midtown Partners & Co. LLC was the agent.
Based in Marlboro, Mass., Medical Solutions provides orthopedic and podiatric medical equipment.
Issuer: | Medical Solutions Management Inc.
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Issue: | Series D convertible preferred stock
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Amount: | $3 million
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Shares: | 300,000
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Price: | $10.00
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Conversion ratio: | Into 30 million shares
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Warrants: | For 239,671,846 shares
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Warrant expiration: | Five years
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Warrant strike price: | $0.10
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Agent: | Midtown Partners & Co. LLC
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Investor: | Vicis Capital Master Fund
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Settlement date: | July 30
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Stock symbol: | OTCBB: MSMT
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Stock price: | $1.01 at close on July 28
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