Original issue discount debentures sold through agent Chardan Capital
By Devika Patel
Knoxville, Tenn., March 25 - Eyes on the Go, Inc. arranged a private placement of $500,000 of original issue discount senior secured convertible debentures, which will be sold at a 10% discount, on Feb. 25, according to an 8-K filed Monday with the Securities and Exchange Commission. Chardan Capital Markets, LLC is the agent.
The debentures are due 270 days. They are convertible into common stock at the lesser of $0.0015 or 85% of the average volume weighted average price on the five trading days immediately preceding the conversion.
On Feb. 25, the company raised $60,000 by selling debentures, which had a principal amount of $66,000.
The Brooklyn, N.Y., company provides video and audio systems that enable users to access images over the Internet.
| Issuer: | Eyes on the Go, Inc.
|
| Issue: | Original issue discount senior secured convertible debentures
|
| Amount: | $500,000
|
| Maturity: | 270 days
|
| Price: | 10% discount
|
| Conversion price: | The lesser of $0.0015 or 85% of the average volume weighted average price on the five trading days immediately preceding the conversion
|
| Warrants: | No
|
| Agent: | Chardan Capital Markets, LLC
|
| Pricing date: | Feb. 25
|
| Settlement date: | Feb. 25 (for $60,000)
|
| Stock symbol: | OTCBB: AXCG
|
| Stock price: | $0.00 at close Feb. 22
|
| Market capitalization: | $1.68 million
|
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