Micron Solutions, Inc. announced that it expects to receive $0.5 million in funding
July 05, 2019
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Micron Solutions, Inc. (AMEX:MICR) announced a private placement of subordinated promissory notes and warrants for gross proceeds of $500,000 on July 5, 2019. The transaction included participation from new investor REF Securities & Co for $100,000. The notes carry a coupon of 10% per annum from the date of issuance. The company will pay interest only in cash on a quarterly basis. The notes would mature on July 5, 2022. Each warrant entitles the holder to purchase 10,000 common stock of the company at an exercise price of $2.90 per share. The company issued securities pursuant to exemption provided under Regulation D.
Micron Solutions, Inc. is a diversified contract manufacturing organization (CMO). The Company, through its subsidiary, Micron Products, Inc., produces medical devices, military, and consumer components and assemblies requiring precision machining and custom injection molding. The Company provides design, engineering, quality and regulatory across the Companyâs three product lines: machining, thermoplastic injection molding and sensors. It machines components for implants and instruments for medical devices, including large joint replacements, wrist plates, rib fixation plates, and screws. Its custom thermoplastic injection molding services meet the needs of customers who require clean room molding, in-cycle vision inspection, assembly and packaging to tight tolerances using engineered materials. Its other value-added services include pad printing, ultrasonic welding, stamping, laser marking, clean room molding, clean room assembly, specialty coatings, plastic machining and others.