BETHESDA, Md., Aug. 30, 2013 /PRNewswire/ -- Microlog Delaware Corporation (OTC: MLOG) (the "Company") announced today that it has closed on $300,000 of financing for the Company. The financing took the form of a $300,000 convertible promissory note, convertible at the holder's option into Company restricted common stock at a fixed price of $.12 per share. The term of the note is 18 months and it carries a 9% coupon. The private investor also received 300,000 warrants to purchase Company common stock at $.12 per share.
"We are pleased to announce the closing of this important financing for our Company," said David Sackler, CEO of the Company. "The financing supports our wholly owned subsidiary Silverbow with working capital and strengthens our corporate liquidity. We are now looking for additional acquisitions in the natural and nutritional foods space to complement Silverbow as we grow our Company."
This release may contain forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, and other factors, which may cause the actual results, performance, or achievements of Microlog to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.
David Sackler, CEO
(516) 513 5113
SOURCE Microlog Delaware Corporation