Oil & gas company sells 10% note due Dec. 28, 2015 to Quezon Group
By Toni Weeks
San Luis Obispo, Calif., Jan. 12 – Falconridge Oil Technologies Corp. sold a $25,000 convertible promissory note to Quezon Group LLC on Dec. 29, according to an 8-K filing with the Securities and Exchange Commission.
The 10% note is due Dec. 28, 2015 and is convertible into common shares at a conversion price equal to the closing per-share price of the common stock on the day of the conversion notice.
Falconridge is an oil and gas technology company with headquarters in Richmond Hill, Ont., and offices in Costa Mesa, Calif., and Denver.
| Issuer: | Falconridge Oil Technologies Corp.
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| Issue: | Convertible promissory note
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| Amount: | $25,000
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| Maturity: | Dec. 28, 2015
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| Coupon: | 10%
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| Conversion price: | Equal to closing per-share price of stock on day of conversion notice
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| Investor: | Quezon Group LLC
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| Settlement date: | Dec. 29
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| Stock symbol: | OTCBB: FROT
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| Stock price: | $1.14 on Dec. 26
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| Market capitalization: | $29.3 million
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