By Sheri Kasprzak
New York, Oct. 23 - MDWerks, Inc. concluded a $2.5 million private placement of senior secured convertible promissory notes.
Gottbetter Capital Master, Ltd. was the investor.
The 8% notes mature Oct. 18, 2009 and are convertible into common shares at $2.25 each.
The note may be redeemed at 110% of face value plus interest.
Gottbetter also received series D warrants for 187,500 shares, exercisable for five years at $2.25 each and series E warrants for 187,500 shares, exercisable at $3.25 each for five years.
MDWerks, based in Deerfield Beach, Fla., provides medical insurance claims processing services for health care providers.
| Issuer: | MDWerks, Inc.
|
| Issue: | Senior secured convertible promissory notes
|
| Amount: | $2.5 million
|
| Maturity: | Oct. 18, 2009
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Conversion price: | $2.25
|
| Warrants: | Series D for 187,500 shares; series E for 187,500 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.25 for series D, $3.25 for series E
|
| Investor: | Gottbetter Capital Master, Ltd.
|
| Settlement date: | Oct. 20
|
| Stock symbol: | OTCBB: MDWK
|
| Stock price: | $3.01 at close Oct. 20
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
