Senior secured convertible redeemable debentures mature Sept. 11, 2017
By Devika Patel
Knoxville, Tenn., Sept. 18 – Medytox Solutions, Inc. arranged a $6 million private placement of senior secured convertible redeemable debentures with TCA Global Credit Master Fund, LP on Sept. 11, according to an 8-K filed Friday with the Securities and Exchange Commission. The deal raised $3 million at pricing.
The 16% debentures mature on Sept. 11, 2017 and convert to common shares at 85% of the lowest volume weighted average price of the stock during the five trading days preceding the conversion. The notes may be redeemed.
The medical technology company is based in West Palm Beach, Fla.
| Issuer: | Medytox Solutions, Inc.
|
| Issue: | Senior secured convertible redeemable debentures
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| Amount: | $6 million
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| Maturity: | Sept. 11, 2017
|
| Coupon: | 16%
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| Conversion price: | 85% of the lowest volume weighted average price of the stock during the five trading days preceding the conversion
|
| Call: | Yes
|
| Warrants: | No
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| Investor: | TCA Global Credit Master Fund, LP
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| Pricing date: | Sept. 11
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| Settlement date: | Sept. 11 (for $3 million)
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| Stock symbol: | OTCBB: MMMS
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| Stock price: | $2.01 at close Sept. 10
|
| Market capitalization: | $62.17 million
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