Published on 5/3/2013 in the Prospect News PIPE Daily.
MPM settles $100,000 of $500,000 sale of convertible promissory notes
9% two-year convertible note converts to stock at 75% of market price
By Devika Patel
Knoxville, Tenn., May 3 - MPM Technologies, Inc. sold $100,000 of convertible promissory notes on May 1, according to an 8-K filed Friday with the Securities and Exchange Commission. The deal priced for up to $500,000 on April 29.
The 9% note is due in two years and may be converted to common stock at 75% of the market price of the stock. The company may prepay the note.
The diversified company is based in Spokane, Wash.
| Issuer: | MPM Technologies, Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $500,000
|
| Maturity: | Two years
|
| Coupon: | 9%
|
| Conversion price: | 75% of market price
|
| Call: | Yes
|
| Warrants: | No
|
| Pricing date: | April 29
|
| Settlement date: | May 1 (for $100,000)
|
| Stock symbol: | OTCBB: MPML
|
| Stock price: | $0.42 at close on April 26
|
| Market capitalization: | $1.75 million
|
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