MPM Technologies Inc announced that it has received $1 million in funding from Carbon Cycle Investment LLC.
On February 1, 2013, the company amended the terms of the transaction. The company will issue 6,000,000 shares at $0.1666 per share for gross proceeds of $1,000,000.
On April 1, 2013, MPM Technologies Inc closed the transaction. The company issued 5,420,417 shares at $0.1844 per share for gross proceeds of $1,000,000. The company also issued options to purchase 3,000,000 shares in the company at exercise price of $0.20 per share until October 26, 2013. The company will issue the securities pursuant to exemption provided under Regulation D. The transaction saw participation from only one investor. C.J. Voss of Stoel Rives LLP acted as legal advisor to the investor. Craig Cary Smith of Smith Hemingway Anderson, PS acted as legal advisor to the company.