MedPro Safety Products, Inc. announced that it has received $4.29 million in funding from Vision Capital Advisors, LLC
December 30, 2012
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MedPro Safety Products, Inc. (OTCPK:MPSP) announced a private placement of series D senior secured promissory note for gross proceeds of $4,235,000 on September 12, 2012. The transaction will see participation from existing investor, Vision Opportunity Master Fund Ltd., a fund managed by Vision Capital Advisors, LLC or its affiliates. The company will make monthly draw downs through August 2013. The note will bear interest at 10% per annum and will mature on December 31, 2013. The company will also issue up to 124,725 series D convertible preferred stock to the investor as a consideration for the transaction. The preferred shares will be convertible into common shares of the company at $3 per share. The transaction may see participation from other investor and the company may raise gross proceeds of up to $6,035,000 through August 31, 2013. The company will reimburse the investor for reasonable legal fees and expenses in connection with the transactions, not to exceed $25,000.
On the same day, the company closed the first tranche of the transaction. The company raised $727,000 and issued 23,858 preferred shares to the investor pursuant to the tranche. The securities are issued pursuant to Regulation D to one investor. The company expects to raise $662,000 on September 30, 2012, $372,000 on October 31, 2012, $309,000 on November 30, 2012, $257,000 on December 31, 2012, $361,000 on January 31, 2013, $190,000 on February 28, 2013, $183,000 on March 31, 2013, $211,000 on May 31, 2013, $238,000 on June 30, 2013, $512,000 on July 31, 2013, and $213,000 on August 31, 2013.
As of September 26, 2012, the company announced that the investor will hold 73.8% stake in the company after the exercise or conversion of derivative securities.
As of December 31, 2012, the company has received $2,442,000 in the transaction.
As of December 31, 2012, MedPro Safety Products, Inc. closed the transaction. The company raised total proceeds of $4,285,000.
Medpro Safety Products, Inc. is a United States-based company, which is engaged in supplying medications. The Company provides home delivery, pickup at the local pharmacy, and offers for buying tramadol online. Its customers can purchase tramadol online with no prescription. Tramadol is an oral medicine that helps ease moderate to severe pain. Tramadol is like opioid (narcotic) analgesics. Tramadol comes under brands, such as Ultram, Ultram ER, Ryzolt, and ConZip. Its other products include Fioricet, Gabapentin, Meridia, Valium, Soma Carisoprodol, Xanax, and Tapentadol. Fioricet is used to treat tension headaches caused by muscle contractions. Gabapentin is an antiepileptic drug that acts on the central nervous system. Meridia's main use is as a diet pill prescribed to help those that are obese to lose weight. Valium is for anxiety or anxiety-related disorders. Soma Carisoprodol is a central medicine indicated mainly for short-term treatment of acute pain in the lumbar region.