- Current report filing (8-K)
April 05 2012 - 6:05AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
March 30, 2012
ProUroCare Medical Inc.
(Exact Name of Registrant as Specified in
its Charter)
Nevada
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000-51774
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20-1212923
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(State or other jurisdiction
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(Commission
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(IRS Employer
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of incorporation)
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File Number)
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Identification No.)
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6440 Flying Cloud Dr., Suite 101, Eden Prairie, Minnesota 55416
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(Address of Principal Executive Offices) (Zip Code)
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(952) 476-9093
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(Registrant’s Telephone Number, Including Area Code)
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Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item
1.01 Item 1.01 Entry into Material Definitive Agreements
See
Item
3.02 below.
Item
2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of the Company
See
Item
3.02 below.
Item
3.02 Unregistered Sales of Equity Securities
Loan
Guaranty Consideration
As
reported in ProUroCare Medical Inc.’s Current Report on Form 8-K filed on October 17, 2011, in connection with the amended
Crown Bank loan and pursuant to the related guarantor compensation arrangements with James L. Davis, a director of the Company
and William S. Reiling (together, the “Guarantors”),
the Guarantors each agreed to continue their guarantees
of the Crown Bank loan through October 31, 2012. The Company agreed to pay consideration to the Guarantors at the end of the loan
term based on the amount of the loan principal remaining outstanding each month plus the amount that each Guarantor was required
to invest in the convertible notes. The Company also agreed to issue 75,000 shares to each guarantor if they were called upon to
provide funds to make a scheduled March 30, 2012 principal reduction of the Crown Bank loan.
On
March 30, 2012, each Guarantor purchased $100,000 of the Company’s 10% Secured Convertible Subordinated Notes, with the proceeds
being used to reduce the principal amount of the Crown Bank loan and the Company issued 75,000 shares of common stock to each Guarantor
pursuant to the above compensation arrangements. The notes mature on March 31, 2014, are collateralized by a subordinated interest
in all of the Company’s assets, and the principal and accrued interest thereon are convertible into the Company’s common
stock at $1.30 per share. On the same date, parties amended the original loan consideration agreements. Pursuant to the revised
terms, 140,805 shares of common stock were issued to each Guarantor on March 30, 2012, representing the maximum number of shares
to be earned for the seven month guarantee period. In turn, for each full month that the Company is able to retire the principal
amount of the Crown Loan before October 31, 2012, each Guarantor agreed to pay the Company $12,000, or a pro-rata portion thereof
if partial reductions of the principal balance are made.
The
issuances of the securities described above will be made in reliance upon the exemption from registration provided under Section
4(2) of the Securities Act of 1933 based on the limited number of persons receiving the shares, their financial sophistication
and the limited manner of the offering.
Item 9.01 Financial Statements and Exhibits.
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99.1
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Form of 10% Secured, Subordinated Convertible Note issued to James Davis and William Reiling, dated March 30, 2012 (filed herewith).
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99.2
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Form of Loan Guarantor Compensation Letter Agreement Amendments issued to James Davis and William
Reiling, dated March 30, 2012, (filed herewith).
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SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this Report on Form 8-K to be signed on its behalf by the undersigned hereunto
duly authorized.
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ProUroCare Medical Inc.
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Date: April 4, 2012
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By
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/s/ Richard C. Carlson
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Richard C. Carlson
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Chief Executive Officer
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