Deal sells 15% notes due Nov. 26, 2013 along with five-year warrants
By Devika Patel
Knoxville, Tenn., Nov. 29 - Feel Golf Co., Inc. settled a $25,000 private placement of 15% convertible notes on Nov. 26, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The note matures on Nov. 26, 2013 and may be converted into common stock at a conversion price per share based on 30% of the average of the five lowest closing prices for the common stock during the 15 consecutive trading days immediately preceding the conversion notice. The notes may be redeemed at a 70% premium.
Investors also received warrants for 12.5 million shares. The warrants are each exercisable at $0.002 for five years.
Proceeds will be used for legal and auditing work required to get the company back to fully reporting status with the OTCBB.
Based in Salinas, Calif., Feel Golf is a manufacturer of golf clubs and reverse taper golf grips.
| Issuer: | Feel Golf Co., Inc.
|
| Issue: | Convertible notes
|
| Amount: | $25,000
|
| Maturity: | Nov. 26, 2013
|
| Coupon: | 15%
|
| Conversion price: | 30% of the average of the five lowest closing prices for the common stock during the 15 consecutive trading days immediately preceding the conversion notice
|
| Call: | 70% premium
|
| Warrants: | For 12.5 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.002
|
| Settlement date: | Nov. 26
|
| Stock symbol: | OTCBB: FEEL
|
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