10% convertible promissory note will fund salaries, debt repayment
By Devika Patel
Knoxville, Tenn., July 31 – DirectView Holdings, Inc. sold a $429,439 convertible promissory note as part of a $1.31 million private placement on July 23, according to an 8-K filed Friday with the Securities and Exchange Commission.
The 10% note is due on July 23, 2016 and converts to common stock at a conversion price equal to 55% of the two lowest traded prices of the stock in the 30 trading days preceding conversion.
Proceeds will be used to pay salaries and debts owed to the company’s officers and directors.
The video and security technology company is based in Boca Raton, Fla.
| Issuer: | DirectView Holdings, Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $1,312,083
|
| Maturity: | July 23, 2016
|
| Coupon: | 10%
|
| Conversion price: | 55% of the two lowest traded prices of the stock in the 30 trading days preceding conversion
|
| Warrants: | No
|
| Settlement date: | July 23 (for $429,439)
|
| Stock symbol: | OTCBB: DIRV
|
| Stock price: | $0.01 at close July 22
|
| Market capitalization: | $1.18 million
|
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