By Sheri Kasprzak
Atlanta, June 20 - MR3 Systems, Inc. said it has completed a $1 million private placement of convertible preferred stock.
The company sold 400,000 shares of series B convertible preferred stock at $2.50 each to MRD Holdings Inc.
Each preferred is convertible into common shares on the basis of 25 common shares for each preferred.
A total of $672,000 from the offering will be paid on monthly installments for three months, and the remaining $328,000 will be advanced to MR3 to repay a series of promissory notes from Sincere Investments Ltd.
MR3 has also authorized an option for MRD to buy, in any combination, up to $4.5 million in notes or 2,534,090 shares of series B preferred stock at $1.78 each. MRD may exercise that option within 90 days.
Based in San Francisco, MR3 extracts metals from metal-based source materials.
| Issuer: | MR3 Systems, Inc.
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| Issue: | Series B convertible preferred stock
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| Amount: | $1 million
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| Shares: | 400,000
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| Price: | $2.50
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| Conversion ratio: | Into 25 common shares for each preferred
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| Warrants: | No
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| Investor: | MRD Holdings Inc.
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| Settlement date: | June 15
|
| Stock price: | $0.18 at close June 15
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