MEDirect Latino settles $8.25 million placement of convertible notes

By Sheri Kasprzak

New York, Dec. 11 - MEDirect Latino Inc. wrapped a private placement of secured convertible promissory notes for $8.25 million.

The notes were purchased by Granite Creek FlexCap I, LP; St. Cloud Capital Partners, LP; and other private investors.

The full terms of the deal were unavailable Monday.

Proceeds will be used for marketing, inventory and the repayment of short-term loans.

Based in Pompano Beach, Fla., MEDirect Latino provides direct-to-consumer Medicare-reimbursed medical products focused on chronic diseases afflicting the Hispanic community.

The company's stock jumped 11.11%, or 20 cents, to end at $2.00 Monday (Pink Sheets: MLTO).

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