Nine-month note has coupon of 10%, is convertible at 50% discount rate
By Marisa Wong
Madison, Wis., Jan. 12 – FastFunds Financial Corp. issued a $25,000 convertible promissory note dated Dec. 29 to Pure Energy 714, LLC on Jan. 6, according to an 8-K filing with the Securities and Exchange Commission.
The 10% note matures on Sept. 29, 2015.
The note may be prepaid only during the first 30 days following its issuance at 125% of par plus accrued interest.
The conversion price will be 50% multiplied by the market price, which is the average of the lowest three trading prices for the common stock during the 10-trading-day period prior to conversion.
FastFunds is a West Palm Beach, Fla., holding company operating through wholly owned subsidiary Chex Services Inc. The company provides cash access services to casinos and other gaming facilities.
| Issuer: | FastFunds Financial Corp.
|
| Issue: | Convertible promissory note
|
| Amount: | $25,000
|
| Maturity: | Sept. 29, 2015
|
| Coupon: | 10%
|
| Conversion price: | 50% times average of lowest three trading prices during 10-trading-day period prior to conversion
|
| Redemption: | Only during first 30 days at 125% of par plus accrued interest
|
| Warrants: | No
|
| Investor: | Pure Energy 714, LLC
|
| Pricing date: | Dec. 29
|
| Settlement date: | Jan. 6
|
| Stock symbol: | OTC: FFFC
|
| Stock price: | $0.0001 at close Jan. 9
|
| Market capitalization: | $860,000
|
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