Offering with Physicians Interactive also includes seven-year warrants
By Devika Patel
Knoxville, Tenn., Oct. 6 - OptimizeRx Corp. settled a private placement of $1 million secured promissory notes with Physicians Interactive, Inc. on Oct. 5, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The 6% notes mature on Sept. 12, 2012.
Physicians Interactive also received warrants for 1 million common shares, which are exercisable at $2.25 for seven years, and a contingent seven-year warrant for 1 million shares, which is exercisable at $2.00 per share.
The strike prices are respectively 125% and 100% premiums to the Oct. 4 closing share price of $1.00.
Based in Rochester, Mich., OptimizeRx is a website publisher and marketing company that creates custom marketing and advertising programs that allow medical patients to manage their health-care costs.
| Issuer: | OptimizeRx Corp.
|
| Issue: | Secured promissory notes
|
| Amount: | $1 million
|
| Maturity: | Sept. 12, 2012
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Warrants: | For 2 million shares
|
| Warrant expiration: | Seven years
|
| Warrant strike price: | $2.25 (for 1 million shares), $2.00 (for 1 million shares)
|
| Investor: | Physicians Interactive, Inc.
|
| Settlement date: | Oct. 5
|
| Stock symbol: | OTCBB: OPRX
|
| Stock price: | $1.01 at close Oct. 5
|
| Market capitalization: | $13.5 million
|
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