By Laura Lutz
Des Moines, Oct. 24 - Medical Solutions Management Inc. completed a $1.5 million private placement of a convertible note with investor Vicis Capital Master Fund.
The note matures on Oct. 12, 2008 and bears interest at 10% per year.
If Medical Solutions later completes a financing of convertible debentures and warrants for at least $1.5 million, the note issued to Vicis will be converted into the securities issued in that financing.
Medical Solutions may prepay the note at any time without penalty.
Based is Marlboro, Mass., Medical Solutions provides orthopedic and podiatric medical equipment.
| Issuer: | Medical Solutions Management Inc.
|
| Issue: | Convertible note
|
| Amount: | $1.5 million
|
| Maturity: | Oct. 12, 2008
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Conversion: | Upon completion of additional financing of convertible debentures and warrants
|
| Pricing date: | Oct. 18
|
| Stock symbol: | OTCBB: MSMT
|
| Stock price: | $1.40 at close Oct. 24
|
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