Offering's proceeds used to retire company's existing debt obligations
By Devika Patel
Knoxville, Tenn., Oct. 18 - Wound Management Technologies, Inc. increased a private placement of 8% secured convertible promissory notes with Brookhaven Medical, Inc. to $2 million from $1 million on Oct. 16, according to an 8-K filed Friday with the Securities and Exchange Commission. The deal settled on Oct. 11.
The note is due on Oct. 15, 2014 and is convertible into series C convertible preferred stock at $70.00 per preferred. It may be prepaid.
Proceeds will be used to retire most of the company's existing debt obligations.
Based in Fort Worth, Wound Management Technologies makes advanced wound care products.
| Issuer: | Wound Management Technologies, Inc.
|
| Issue: | Secured convertible promissory notes
|
| Amount: | $2 million
|
| Maturity: | Oct. 15, 2014
|
| Coupon: | 8%
|
| Conversion price: | $70.00
|
| Call: | Yes
|
| Warrants: | No
|
| Investors: | Brookhaven Medical, Inc.
|
| Settlement date: | Oct. 11
|
| Upsized: | Oct. 16
|
| Stock symbol: | OTCBB: WNDM
|
| Stock price: | $0.07 at close Oct. 10
|
| Market capitalization: | $6.57 million
|
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