Proguard Acquisition Corp (OTCBB:PGRD) announced a private placement of common shares for gross proceeds of $1,000,000 on February 27, 2012. The securities will be issued pursuant to Regulation D. Minimum investment accepted from any outside investor is $25,000. Mediterranean Securities Group, LLC will serve as a placement agent in the transaction and will receive a sales commission amounting to $100,000. The agent will also receive five year warrants exercisable on a cashless basis to purchase 10% of the number of shares sold at an exercise price of $0.07 per share. As on May 4, 2012, the company issued 6,785,714 shares at $0.07 per share for gross proceeds of $475,000. The company paid cash commission of $47,500, paid a non-accountable expense allowance of $9,500, and related private placement fees of $1,750 to Mediterranean Securities Group, LLC. The company also issued 678,571 warrants to Mediterranean Securities Group, LLC for its services. Each warrant will entitle the holder to purchase an additional common share of the company at $0.07 per share. On May 30, 2012, the company announced that it will further raise $1,250,000 and the placement agent will further get $125,000 as consideration. The company will now issue 32,142,857 shares in the transaction for gross proceeds of $2,250,000. On June 29, 2012, the company announced that it has received second tranche of the transaction.