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. In July 30, 2012, Proguard Acquisition Corp closed the transaction. The company announced that it has received third tranche of the transaction. Pursuant to second and third tranche the company issued an aggregate of 1,428,571 shares for $100,000. The company paid cash commission of $10,000, a non-accountable expense allowance of $2,000 and issued it five year warrants to purchase 142,857 shares on terms similar to warrants already issued in the transaction. The company issued a total of 8,214,285 shares for total gross proceeds of $575,000.