Purchase price discounted 22.5% in three-year deal with KVM Capital
By Devika Patel
Knoxville, Tenn., June 18 - Revolutions Medical Corp. arranged a $1.5 million three-year investment agreement with KVM Capital Partners on June 11, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The purchase price will be 22.5% of the average of the three lowest closing bids for the stock during the seven trading days preceding a put notice.
KVM will receive a fee of 250,000 restricted shares.
Based in Mount Pleasant, S.C., Revolutions designs and develops retractable safety needle devices.
| Issuer: | Revolutions Medical Corp.
|
| Issue: | Investment agreement
|
| Amount: | $1.5 million
|
| Tenor: | Three years
|
| Price: | 22.5% discount
|
| Warrants: | No
|
| Investor: | KVM Capital Partners
|
| Fees: | 250,000 restricted shares
|
| Pricing date: | June 11
|
| Stock symbol: | OTCBB: RMCP
|
| Stock price: | $0.04 at close June 10
|
| Market capitalization: | $3.55 million
|
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