MPM Technologies Inc. announced that it has received $0.6 million in funding.
On April 29, 2013, the company announced that it will receive $500,000 through issue of the convertible promissory notes to certain accredited investors. The company will issue the securities pursuant to exemption provided under Regulation D. The notes will be convertible into 2,721,089 shares of common stock based on the May 1, 2013 market price of $0.245 per share and the 25% discount on the price.
On May 1, 2013, MPM Technologies Inc. closed the transaction. The company announced that it has received $100,000 from two investors. The notes issued on May 1, 2013 will be convertible into 544,218 shares of the company's common stock.