By Sheri Kasprzak
New York, Nov. 13 - MDWerks, Inc. settled the final $2.5 million tranche of its previously announced $5 million private placement of senior secured convertible promissory notes.
Gottbetter Capital Master, Ltd. bought another $2.5 million in principal of 8% notes first issued on Oct. 23.
The notes are due Nov. 9, 2009 and are convertible at $2.25 per share.
Gottbetter also received series D warrants for 187,500 shares, exercisable at $2.25 each for five years, 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: | Nov. 9, 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: | Nov. 9
|
| Stock symbol: | OTCBB: MDWK
|
| Stock price: | $2.50 at close Nov. 9
|
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