Note convertible at 60% of lowest bid in 20 days before conversion
By Susanna Moon
Chicago, April 30 – Falconridge Oil Technologies Corp. issued a $100,000 12% convertible promissory note to EMA Financial, LLC, according to an 8-K filing with the Securities and Exchange Commission.
The company entered into a securities purchase agreement with EMA on April 16.
The convertible promissory note is due April 16, 2016 and convertible into common shares on a cashless basis at a price equal to 60% of the lowest bid in the 20 trading days before the conversion notice.
The oil explorer is based in Richmond Hill, Ont.
| Issuer: | Falconridge Oil Technologies Corp.
|
| Issue: | Convertible promissory notes
|
| Amount: | $100,000
|
| Coupon: | 12%
|
| Maturity: | April 16, 2016
|
| Conversion price: | 60% of the lowest bid in the 20 trading days before the conversion notice
|
| Warrants: | No
|
| Investor: | EMA Financial, LLC
|
| Settlement date: | April 16
|
| Announcement date: | April 30
|
| Stock symbol: | OTCBB: FROT
|
| Stock price: | $0.03 at close April 29
|
| Market capitalization: | $1.57 million
|
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