Plures Technologies, Inc. (OTCPK:MANY) announced a private placement of 2% secured convertible promissory notes for gross proceeds of $2,500,000 on October 15, 2012. The notes will bear interest at 2% per annum and will mature in 54 months from the date of issuance. The notes will be convertible into common shares of the company at $3 per share. The company will also issue 8,333,333 warrants in the transaction. Each warrant entitles the holder to purchase an additional common share of the company at $0.01 per share for a period of four years from the date of issuance. RENN Capital Group, Inc. will serve as the collateral agent for the investors. Stuart M. Sieger of Ruskin Moscou Faltischek, P.C. will serve as the legal advisor to the company. Ron Levy of Levy International Law, LLC will serve as the legal advisor to RENN Capital Group, Inc. The transaction will be completed in one or more tranches. The transaction is expected to close on or prior to December 15, 2012. The securities will be issued pursuant to Regulation D.

On the same day, the company has received $1,100,000 in the transaction. RENN US Growth Investment Trust PLC subscribed for $637,498.50 principal amount of notes and was issued 212,500 warrants. RENN Global Entrepreneurs Fund, Inc. subscribed for $112,500.50 principal amount of notes and was issued 37,500 warrants. Cedarview Opportunities Master Fund, L.P. subscribed for $250,000 principal amount of notes and was issued 83,333 warrants. Glen Fricano and David Smith subscribed for $33,333.33 principal amount of notes each and were issued 11,111 warrants. Stuart M. Sieger subscribed for $33,333.34 principal amount of notes and was issued 11,112 warrants.

As of December 1, 2012, Cedarview Opportunities Master Fund, L.P. subscribed for $83,333 principal amount of note convertible into 27,777 shares of common stock and a warrant to purchase 27,777 shares of common stock.

On December 3, 2012, RENN US Growth Investment Trust PLC subscribed for $250,000 principal amount of note convertible into 83,333 common shares and a warrant to purchase 83,333 common shares.

As on January 4, 2013, the company has raised $1,433,333 from five investors. The minimum investment accepted from any outside investor is $33,333.

On January 7, 2013, RENN US Growth Investment Trust PLC subscribed for $250,000 principal amount of note convertible into 83,333 common shares and a warrant to purchase 83,333 common shares.

On February 8, 2013, RENN US Growth Investment Trust PLC subscribed for $250,000 principal amount of note convertible into 83,333 common shares ans a warrant to purchase 83,333 common shares.

On May 8, 2013, Plures Technologies, Inc. closed the transaction for gross proceeds of $3,225,000. The notes will be convertible into common shares of the company at $1.60 per share. The company will also issue warrants in the transaction. Enclave Capital LLC will serve as placement agent for the transaction. The company will pay to the agent a sales commission of $150,000 plus warrants exercisable at $0.01 per share for 75,000 shares of common stock.