9/4/2012 9:26:22 AM
HOUSTON, Sept. 4, 2012 (GLOBE NEWSWIRE) -- Spine Pain Management, Inc. (the "Company") (OTC: SPIN), a healthcare services and technology company, today announced that it has closed on 12% Secured Promissory Note for $1 million with one of its existing, accredited shareholders. The promissory note has a three-year term with interest paid monthly. The note holder also received three-year warrants that are exercisable into a total of 333,333 shares of the Company's common stock at $1.60 per share. The Company intends to use the proceeds from the private placement to expand its geographic footprint beyond its current eight affiliate locations in Texas and Florida and to further support and build the Company's internal infrastructure.
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