By Devika Patel
Knoxville, Tenn., Sept. 15 - MMR Information Systems, Inc. secured an $8 million equity line of credit with Dutchess Private Equities Fund, Ltd., according to an 8-K filed Tuesday with the Securities and Exchange Commission.
Dutchess has committed to purchase up to $8 million in common stock over five years at 94% of the lowest closing best bid of the stock during the five consecutive trading days following the put notice.
The maximum amount that the company is entitled to put in any one notice is the greater of 200% of the average daily volume of the stock for the three trading days prior to the put notice multiplied by the average of the closing prices for those trading days or $150,000.
A maximum of 100 million shares may be issued.
Based in Los Angeles, MMR provides web-based products that facilitate consumer access to medical records and vital documents, such as living will, birth certificates, insurance policies and financial records.
| Issuer: | MMR Information Systems, Inc.
|
| Issue: | Equity line of credit
|
| Amount: | $8 million
|
| Tenor: | Five years
|
| Price: | 94% of the lowest closing stock price during the five days following put notice
|
| Warrants: | No
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| Investor: | Dutchess Private Equities Fund, Ltd.
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| Settlement date: | Sept. 15
|
| Stock symbol: | OTCBB: MMRF
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| Stock price: | $0.09 at close Sept. 14
|
| Market capitalization: | $11.5 million
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