Medical Care Technologies Inc. (OTCPK:MDCE) announced a private placement of convertible promissory note for gross proceeds of $29,500 on July 19, 2012. The transaction will see participation from Nicholas J. Morano, LLC. The note will bear interest at 10% per annum and will mature on January 21, 2013. The principal and accrued interest on the note is convertible into common shares of the company, at investor's option, at any time after 180 days from issuance at a conversion price equal to a 35% discount to the average of the lowest three closing bid prices of the common stock during the 90 trading day period prior to conversion. David Lubin of David Lubin & Associates, PLLC served as the legal advisor to the company. On July 19, 2012, Medical Care Technologies Inc. closed the transaction.