8% convertible promissory note sold to Asher Enterprises in deal
By Devika Patel
Knoxville, Tenn., Feb. 18 - eCareer Holdings Inc. sold a $42,500 8% convertible promissory note due Oct. 30, 2014 to Asher Enterprises, Inc. on Jan. 28, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The note can be prepaid for 180 days at prices ranging from 110 to 130.
After 180 days, the note is convertible into common stock at 58% of the market price.
The Boca Raton, Fla., company owns specialized online career communities.
| Issuer: | eCareer Holdings Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $42,500
|
| Maturity: | Oct. 30, 2014
|
| Coupon: | 8%
|
| Conversion price: | 58% of the market price
|
| Call option: | For first 180 days at prices ranging from 110 to 130
|
| Warrants: | No
|
| Investor: | Asher Enterprises, Inc.
|
| Settlement date: | Jan. 28
|
| Stock symbol: | OTCBB: ECHI
|
| Stock price: | $4.25 at close Jan. 27
|
| Market capitalization: | $25.78 million
|
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