One-year 8% convertible debt issued to Greg Painter and Patrick Fagen
By Devika Patel
Knoxville, Tenn., May 29 - Del Toro Silver Corp. settled two convertible loan financings for $104,000 on May 26, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The 8% loans were negotiated with investors Greg Painter for $10,000 and Patrick Fagen for $94,000.
The one-year loans are convertible into common stock at a conversion price set at $0.06, which is a 14.29% discount to the May 25 closing share price of $0.07.
Del Toro is a silver explorer based in Vancouver, B.C.
| Issuer: | Del Toro Silver Corp.
|
| Issue: | Convertible loans
|
| Amount: | $104,000
|
| Maturity: | One year
|
| Coupon: | 8%
|
| Conversion price: | $0.06
|
| Warrants: | No
|
| Investors: | Greg Painter (for $10,000) and Patrick Fagen (for $94,000)
|
| Settlement date: | May 26
|
| Stock symbol: | OTCBB: DTOR
|
| Stock price: | $0.07 at close May 25
|
| Market capitalization: | $1.11 million
|
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