Company sells discounted 8% notes to Typenex Co-Investment in offering
By Devika Patel
Knoxville, Tenn., May 28 - Mediswipe, Inc. sold a $660,000 8% convertible note to Typenex Co-Investment, LLC in a private placement on May 21. The note was sold with a $60,000 original issue discount, resulting in $600,000 of proceeds. The deal priced May 20.
The note matures on June 16, 2014 and is convertible into common shares at $0.055 per share, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The conversion price is a 37.5% premium to the May 17 closing share price of $0.04.
The note may be prepaid at 125.
Based in Detroit, Mediswipe offers transaction processing and security solutions for the medical and health-care industries.
| Issuer: | Mediswipe, Inc.
|
| Issue: | Secured convertible note
|
| Amount: | $660,000
|
| Maturity: | June 16, 2014
|
| Coupon: | 8%
|
| Price: | $600,000
|
| Conversion price: $0.055
|
| Conversion premium: | 37.5%
|
| Call option: | At 125
|
| Warrants: | No
|
| Investor: | Typenex Co-Investment, LLC
|
| Pricing date: | May 20
|
| Settlement date: | May 21
|
| Stock symbol: | OTCBB: MWIP
|
| Stock price: | $0.04 at close May 17
|
| Market capitalization: | $18.89 million
|
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