By Devika Patel
Knoxville, Tenn., Nov. 20 - MDwerks, Inc. settled an $10.3 million loan with Debt Opportunity Fund LLLP on Nov. 14, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The loan is evidenced by a 13% senior secured promissory note.
The note has a term of two years.
The investor also received a ten-year series J warrant for 9,339,816 shares, exercisable at $1.00 per share.
Based in Deerfield Beach, Fla., MDwerks provides software to manage insurance claims to the health-care industry.
| Issuer: | MDwerks, Inc.
|
| Issue: | Loan evidenced by senior secured promissory note
|
| Amount: | $10.3 million
|
| Maturity: | Nov. 14, 2010
|
| Coupon: | 13%
|
| Price: | Par
|
| Yield: | 13%
|
| Warrants: | For 9,339,816 shares
|
| Warrant expiration: | Ten years
|
| Warrant strike price: | $1.00
|
| Investor: | Debt Opportunity Fund LLLP
|
| Settlement date: | Nov. 14
|
| Stock symbol: | OTCBB: MDWK
|
| Stock price: | $0.30 at close Nov. 14
|
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