Company sells one-year 10% original issue discount notes
By Devika Patel
Knoxville, Tenn., March 19 - Digital Development Group Corp. sold a $110,000 convertible promissory note on March 13, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The company will sell up to $400,000 of 10% original issue discount notes for $360,000.
The 0% note matures in one year and is convertible at the lesser of $0.20 per share, or 60% of the lowest trade price of the company's common stock in the 25 trading days prior to the date of conversion.
The Santa Monica, Calif., company provides a backend technological service to enable content providers to deliver their content across multiple platforms using existing internet protocol services.
| Issuer: | Digital Development Group Corp.
|
| Issue: | Convertible promissory note
|
| Amount: | $400,000
|
| Maturity: | One year
|
| Price: | $360,000 (10% discount)
|
| Coupon: | 0%
|
| Conversion price: | Lesser of $0.20 per share, or 60% of the lowest trade price of the company's common stock in the 25 trading days prior to the date of conversion
|
| Warrants: | No
|
| Settlement date: | March 13 (for $110,000)
|
| Stock symbol: | OTCBB: PMBS
|
| Stock price: | $0.10 at close March 18
|
| Market capitalization: | $3.03 million
|
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