Puramed Bioscience negotiates placement of $280,000 convertible notes

Investor Tonaquint buys one-year discounted zero-coupon convertibles

By Devika Patel

Knoxville, Tenn., May 12 - Puramed Bioscience Inc. arranged to sell a $280,000 master convertible promissory note to Tonaquint, Inc. on May 8, according to an 8-K filed Monday with the Securities and Exchange Commission. The company will receive $250,000, for an original issue discount of $25,000 and legal fees of $5,000, with the notes settling in $25,000 tranches.

The 0% note matures in one year and is convertible at 60% of the average of the two lowest closing bid prices of the stock for the 10 trading days immediately preceding the conversion.

Based in Schofield, Wisc., Puramed BioScience develops and markets a line of non-prescription medicinal or health care products.

Issuer:	Puramed Bioscience Inc.
Issue:	Master convertible promissory note
Amount:	$280,000
Maturity:	One year
Price:	$250,000 (original issue discount of $25,000)
Coupon:	0%
Conversion price:	60% of the average of the two lowest closing bid prices of the stock for the 10 trading days immediately preceding the conversion
Warrants:	No
Investor:	Tonaquint, Inc.
Fees:	$5,000
Settlement date:	May 8
Stock symbol:	OTCBB: PMBS
Market capitalization:	$632,550

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