Promissory note due Nov. 25, 2013 was purchased by Asher Enterprises
By Devika Patel
Knoxville, Tenn., March 14 - First Colombia Gold Corp. sold a $27,500 unsecured convertible promissory note to Asher Enterprises, Inc. on March 12, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The deal priced Feb. 21.
The 8% note is due Nov. 25, 2013. It may be prepaid at 140% to 150% of the outstanding principal and interest, with the actual percentage dependent on the date of prepayment. The note converts to common stock at a conversion price equal to 45% of the market price of the stock during the 10 trading days preceding the conversion notice.
The gold explorer is based in Copacabana, Colombia.
| Issuer: | First Colombia Gold Corp.
|
| Issue: | Unsecured convertible promissory note
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| Amount: | $27,500
|
| Maturity: | Nov. 25, 2013
|
| Coupon: | 8%
|
| Conversion price: | 45% of the market price of the stock during the 10 trading days preceding the conversion notice
|
| Call: | Yes, at 140 to 150, with the penalty based on prepayment date
|
| Warrants: | No
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| Investor: | Asher Enterprises, Inc.
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| Pricing date: | Feb. 21
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| Settlement date: | March 12
|
| Stock symbol: | OTCBB: FCGD
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| Stock price: | $0.00 at close Feb. 20
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