Two-year note due Feb. 24, 2013 is being sold with 8% interest rate
By Devika Patel
Knoxville, Tenn., March 4 - Revolutions Medical Corp. sold a convertible promissory note on Feb. 24, according to an 8-K filed Friday with the Securities and Exchange Commission. The company raised $1.05 million.
The 8% note is due Feb. 24, 2013. It is convertible into common shares at a price equal to 70% of the lowest closing price of the stock in the 20 trading days preceding the conversion.
Based in Mount Pleasant, S.C., Revolutions Medical designs and develops retractable safety needle devices.
| Issuer: | Revolutions Medical Corp.
|
| Issue: | Convertible promissory note
|
| Amount: | $1.05 million
|
| Maturity: | Feb. 24, 2013
|
| Coupon: | 8%
|
| Conversion price: | 70% of the lowest closing price of stock in 20 days preceding conversion
|
| Warrants: | No
|
| Settlement date: | Feb. 24
|
| Stock symbol: | OTCBB: RMCP
|
| Stock price: | $0.40 at close Feb. 24
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
