OREM, Utah--(BUSINESS WIRE)--Reflect Scientific, Inc. (OTCBB:RSCF), an industry leader in the manufacture, supply and distribution of scientific equipment and related supplies, announced that on June 29, 2007 it has closed a funding with institutional investors in the amount of $2.5 million. The Company sold senior convertible debentures that are initially convertible at $0.65 per share. The Company also granted warrants to the investors to purchase 100% of the shares issuable upon conversion of the debentures, with half having an exercise price of $0.80 per share and the remainder having an exercise price of $1.00 per share. The debentures and warrants were sold pursuant to an exemption of Regulation D, Rule 506 of the Securities Act. The Company has agreed to file a registration statement within 60 days of closing for the shares underlying the debentures and warrants. vFinance Investments, Inc. acted as placement agent in the transaction.
