Published on 9/10/2018 in the Prospect News Green Finance Daily.
New Issue: Biosolar wraps $53,000 private placement of one-year 10% convertibles
By Devika Patel
Knoxville, Tenn., Sept. 10 – Biosolar, Inc. sold a $53,000 convertible promissory note to a single investor on Sept. 4, according to an 8-K filed with the Securities and Exchange Commission.
The 10% note is due in one year and is convertible into common stock a price equal to 61% of the average of the lowest two trading prices of the common stock during the 15-trading-day period ending on the latest trading day preceding the conversion.
The Santa Clarita, Calif., company produces bio-based solar energy products.
Issuer: | Biosolar, Inc.
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Issue: | Convertible promissory note
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Amount: | $53,000
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Maturity: | One year
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Coupon: | 10%
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Conversion price: | 61% of the average of the lowest two trading prices of the common stock during the 15-trading-day period ending on the latest trading day preceding the conversion
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Warrants: | No
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Settlement date: | Sept. 4
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Distribution: | Private placement
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