Deal includes warrant coverage, exercisable at $0.80 for five years
By Devika Patel
Knoxville, Tenn., May 27 – Medite Cancer Diagnostics Inc. completed a $150,000 private placement of 8% secured promissory notes with two investors on May 25, according to an 8-K filed Friday with the Securities and Exchange Commission. TriPoint Global Equities, LLC was the agent.
The note is due in three months and converts at $0.80 per unit, with each unit comprised of a two-year note convertible at $0.80 per share and a half-share warrant exercisable at $0.80.
Investors also received warrants for 150,000 common shares. Each of the warrants is exercisable at $0.80 for five years.
The strike prices and conversion prices are a 14.29% premium to the May 24 closing share price of $0.70.
The biotechnology company is based in Orlando, Fla.
| Issuer: | Medite Cancer Diagnostics Inc.
|
| Issue: | Secured promissory note
|
| Amount: | $150,000
|
| Maturity: | Three months
|
| Coupon: | 8%
|
| Warrants: | For 150,000 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.80
|
| Agent: | TriPoint Global Equities, LLC
|
| Settlement date: | May 25
|
| Stock symbol: | OTCBB: MDIT
|
| Stock price: | $0.70 at close on May 24
|
| Market capitalization: | $10 million
|
|
|
|
|
© 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.
