Medican Enterprises, Inc. announced that it has received $0.05 million in funding from RDW Capital, LLC.
January 16, 2015 at 04:00 am
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Medican Enterprises, Inc. (OTCPK:MDCN) announced a private placement of convertible promissory note for gross proceeds of up to $100,000 with new investor RDW Capital LLC on January 16, 2015. The note bears a fixed interest rate of 10% per annum and mature on or before July 16, 2015. The principal and interest note is convertible at any time into common stock of the company at the investor's option, and will be equal to 35% of the lowest trading price of the common stock during the twenty consecutive trading days prior to the date on which the investor elects to convert all or part of the note. The company may prepay any portion of the principal amount at 130% of such amount along with any accrued interest of the note at any time upon seven days' written notice to the investor. The company issued securities pursuant to exemption provided under Regulation D.
On the same date, the company received $45,000 in funding, with an additional $45,000 to be delivered at a later date.
On January 16, 2015, Medican Enterprises, Inc. closed the transaction.
Medican Enterprises, Inc. is engaged in residential and commercial real estate investment and development. The Company has relationships with equity suppliers, such as individual, commercial and institutional sources. The Company is specialized in value-added investment and development in A location in urban infill areas. The Companyâs subsidiary, Immediate Properties LLC, is a real estate company. Immediate Properties LLC is engaged in multifamily, retail, office, mixed-use, adaptive re-use of industrial buildings and historic renovations. Its investment portfolio includes properties across Northern and Southern California, Atlanta, and Nevada. The Company invests in California and other select metro areas.