By Laura Lutz
Des Moines, Dec. 31 - MedPro Safety Products, Inc. raised $13 million from a private placement of units, according to a news release.
Vision Opportunity Master Fund, LLC bought 6,668,230 units at $1.9495 apiece. Each unit includes one share of convertible preferred stock and variable warrants.
The warrants are exercise for a total of up to 25,286,692 shares at prices ranging from $1.81 to $2.18.
Of the purchase price, $11 million was paid in cash and $2 million is payable by March 31, 2008.
Proceeds will be used for debt repayment and working capital.
MedPro is a medical device company based in Lexington, Ky.
| Issuer: | MedPro Safety Products, Inc.
|
| Issue: | Units of one convertible preferred and variable warrants
|
| Amount: | $13 million
|
| Units: | 6,668,230
|
| Price: | $1.9495
|
| Warrants: | For up to 25,286,692 shares
|
| Warrant strike prices: | $1.81 to $2.18
|
| Investor: | Vision Opportunity Master Fund, LLC
|
| Announcement date: | Dec. 31
|
| Stock symbol: | OTCBB: MPSP
|
| Stock price: | $2.25 at close Dec. 31
|
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