By Sheri Kasprzak
New York, July 2 - Aduromed Corp. received a $1.275 million loan with warrants.
The 12% notes were issued at a 10% discount and mature in six months.
The loan includes warrants for 2.55 million shares, exercisable at $0.38 each for five years.
The strike price of the warrants may be reset to reflect the price per share of a subsequent equity or convertible debt financing of at least $1.5 million.
Carter Securities, LLC was the placement agent.
Proceeds will be used for working capital and general corporate purposes.
Based in Bethel, Conn., Aduromed is an onsite medical waste disposal company.
| Issuer: | Aduromed Corp.
|
| Issue: | Loan
|
| Amount: | $1.275 million
|
| Proceeds: | $1,147,500
|
| Maturity: | Six months
|
| Coupon: | 12%
|
| Price: | 90
|
| Warrants: | For 2.55 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.38
|
| Placement agent: | Carter Securities, LLC
|
| Settlement date: | June 27
|
| Stock symbol: | OTCBB: ADRM
|
| Stock price: | $0.30 at close June 27
|
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