12% discounted 10% notes, common stock sold in C$12,500 subscriptions
By Devika Patel
Knoxville, Tenn., July 26 – Uplift Nutrition Inc. will sell $125,000 of 10% convertible notes and common stock in a private placement, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The offering priced on July 1.
The note is being sold at a 12% discount and matures in one year. It is convertible into common shares at $0.02 per share. The conversion price is a 33.33% discount to the July 25 closing share price of $0.03.
The stock will be sold at $0.0083 per share, a 72.33% discount to the July 25 closing share price.
The minimum subscription is C$12,500.
The Westport, Conn., company makes and sells a nutritional supplement drink mix.
| Issuer: | Uplift Nutrition Inc.
|
| Issue: | Convertible note
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| Amount: | $125,000
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| Warrants: | No
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| Announcement date: | July 26
|
| Settlement date: | July 1
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| Stock symbol: | OTCBB: UPNT
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| Stock price: | $0.03 at close July 25
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| Market capitalization: | $1.46 million
|
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| Notes
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| Maturity: | One year
|
| Coupon: | 10%
|
| Price: | 12% discount
|
| Conversion price: | $0.02
|
|
|
| Stock
|
| Price: | $0.0083
|
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