MDCE. OB Medical Care Technologies, Inc. published a statement today that it has completed a non-brokered private placement of five hundred thousand units at a price of $0.20 per unit for total proceeds of $100,000.
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According to their announcement, “Each unit purchased is of one share of common stock, and one Series A Warrant. Each Series A Warrant is convertible into one share of common stock upon payment of $0.15 each. Each Series A Warrant is non-transferable. The Series A Warrants are exercisable for a period of 24 months from January 15, 2010.”
Medical Care Technologies, Inc. announced the “funds from this placement shall be used for MDCE's first Telehealth Care Center which will act as our flagship clinic in China, that will educate and treat patients via the Tele-Health(TM) Suite,” states Ning Wu, President of MDCE.
The units were sold pursuant to the exemption from registration contained in Regulation S of the Securities Act of 1933 in that the transaction took place outside the United States of America and the purchaser was a non-US person as defined in Regulation S. The securities that comprise the units are "restricted securities" as that term is defined in Rule 144 of the Securities Act of 1933.
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