CEO Kern guarantees 15% one-year note convertible at $0.15
By Marisa Wong
Morgantown, W.Va., Jan. 6 – Domain Media Corp. issued a $62,500 secured original issue discount convertible note to the Ira J. Gaines Revocable Trust for proceeds of $50,000, according to an 8-K filing with the Securities and Exchange Commission.
The one-year note has a 15% coupon, payable in quarterly installments of $2,343.75.
The note is convertible into shares of common stock at a conversion price of $0.15 at any time during the term of the note or if the company is in default.
The investor will also receive 50,000 shares of common stock upon issuance of the convertible note.
Additionally, the company’s chief executive officer, president and chairman of the board of directors, Christopher Kern, has provided a personal guaranty for the full face amount to the investor in the case of a default.
Domain is an internet media company based in Chandler, Ariz.
| Issuer: | Domain Media Corp.
|
| Issue: | Secured convertible note
|
| Amount: | $62,500
|
| Maturity: | One year
|
| Coupon: | 15%
|
| Price: | $50,000 (original issue discount)
|
| Conversion price: | $0.15
|
| Investor: | Ira J. Gaines Revocable Trust
|
| Pricing date: | Dec. 30
|
| Stock symbol: | OTC: DMDW
|
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