Company sells convertible promissory notes due October 2013 in deal
By Devika Patel
Knoxville, Tenn., Sept. 4 - Genius Brands International, Inc. settled a $530,000 private placement of 12% convertible promissory notes on Aug. 30, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The notes mature Oct. 21, 2013 and are initially convertible into common shares at $0.01212 per share. They may be prepaid.
The conversion price reflects a 79.8% discount to the Aug. 29 closing share price of $0.06.
The San Diego company distributes family entertainment and music-based products.
| Issuer: | Genius Brands International, Inc.
|
| Issue: | Convertible promissory notes
|
| Amount: | $530,000
|
| Maturity: | Oct. 21, 2013
|
| Coupon: | 12%
|
| Conversion price: | $0.01212
|
| Call: | Yes
|
| Warrants: | No
|
| Settlement date: | Aug. 30
|
| Stock symbol: | OTCBB: GNUS
|
| Stock price: | $0.06 at close Aug. 29
|
| Market capitalization: | $5.12 million
|
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