Promissory note due Sept. 2, 2015 purchased by Joseph Bushman in deal
By Devika Patel
Knoxville, Tenn., Dec. 8 – FastFunds Financial Corp. sold a $25,000 convertible promissory note to Joseph Bushman on Dec. 2, according to an 8-K filed Monday with the Securities and Exchange Commission.
The 8% note is due Sept. 2, 2015 and may be converted into common shares at a price equal to 50% of the average of the lowest three trading prices of the common stock during the 10 trading days preceding conversion.
The note may be prepaid.
Proceeds will be used for general working capital and development of corporate initiatives.
FastFunds, based in Minneapolis, is a holding company for Chex Services Inc., which provides cash services for casinos and other gaming companies.
| Issuer: | FastFunds Financial Corp.
|
| Issue: | Convertible promissory note
|
| Amount: | $25,000
|
| Maturity: | Sept. 2, 2015
|
| Coupon: | 8%
|
| Conversion price: | 50% of the average of lowest three trading prices of the common stock during the 10 trading days preceding conversion
|
| Call: | Yes
|
| Warrants: | No
|
| Investor: | Joseph Bushman
|
| Settlement date: | Dec. 2
|
| Stock symbol: | OTCBB: FFFC
|
| Market capitalization: | $834,370
|
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