Promissory note due Sept. 4, 2015 bought by Carebourn Capital in deal
By Devika Patel
Knoxville, Tenn., Dec. 10 – FastFunds Financial Corp. sold a $38,000 convertible promissory note to Carebourn Capital, LP on Dec. 4, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The 12% note is due Sept. 4, 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.
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: | $38,000
|
| Maturity: | Sept. 4, 2015
|
| Coupon: | 12%
|
| Conversion price: | 50% of the average of the lowest three trading prices of the common stock during the 10 trading days preceding conversion
|
| Warrants: | No
|
| Investor: | Carebourn Capital, LP
|
| Settlement date: | Dec. 4
|
| Stock symbol: | OTCBB: FFFC
|
| Market capitalization: | $834,370
|
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