By Devika Patel
Knoxville, Tenn., May 7 - MedPro Safety Products, Inc. arranged a $1 million credit agreement with Vision Opportunity Master Fund, Ltd. on May 3, according to an 8-K filed Friday with the Securities and Exchange Commission.
MedPro may draw up to $300,000 per month. The outstanding principal carries a 7% coupon, and all amounts are due on the earlier of Jan. 1, 2011 and the date the company completes an equity or debt financing of at least $20 million.
Vision Opportunity also will receive warrants for 166,666 common shares at closing and warrants for an additional 16,667 shares for each $100,000 drawn on the credit agreement. The warrants will be exercisable at $3.00 for five years.
On May 4, MedPro received an initial $250,000 draw on the credit facility and issued a warrant for 208,334 shares.
MedPro is a medical device company based in Lexington, Ky.
| Issuer: | MedPro Safety Products, Inc.
|
| Issue: | Credit agreement
|
| Amount: | $1 million
|
| Maturity: | Jan. 1, 2011
|
| Coupon: | 7%
|
| Price: | Par
|
| Yield: | 7%
|
| Warrants: | For 166,666 shares at closing, for an additional 16,667 shares for each $100,000 drawn
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $3.00
|
| Investor: | Vision Opportunity Master Fund, Ltd.
|
| Pricing date: | May 3
|
| Settlement date: | May 4 (for $250,000)
|
| Stock symbol: | OTCBB: MPSP
|
| Stock price: | $3.00 at close May 3
|
| Market capitalization: | $41 million
|
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