Company sells discounted 8% notes to Typenex Co-Investment in offering
By Devika Patel
Knoxville, Tenn., May 28 - Mediswipe, Inc. sold a $660,000 8% convertible note to Typenex Co-Investment, LLC in a private placement on May 21. The note was sold with a $60,000 original issue discount, resulting in $600,000 of proceeds. The deal priced May 20.
The note matures on June 16, 2014 and is convertible into common shares at $0.055 per share, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The conversion price is a 37.5% premium to the May 17 closing share price of $0.04.
The note may be prepaid at 125.
Based in Detroit, Mediswipe offers transaction processing and security solutions for the medical and health-care industries.
Issuer: | Mediswipe, Inc.
|
Issue: | Secured convertible note
|
Amount: | $660,000
|
Maturity: | June 16, 2014
|
Coupon: | 8%
|
Price: | $600,000
|
Conversion price: $0.055
|
Conversion premium: | 37.5%
|
Call option: | At 125
|
Warrants: | No
|
Investor: | Typenex Co-Investment, LLC
|
Pricing date: | May 20
|
Settlement date: | May 21
|
Stock symbol: | OTCBB: MWIP
|
Stock price: | $0.04 at close May 17
|
Market capitalization: | $18.89 million
|
© 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.