By Devika Patel
Knoxville, Tenn., June 18 - Firstway Enterprises, Inc. sold a $1 million 12% convertible note on May 2, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The note matures on May 2, 2010 with quarterly interest payments, beginning on June 30. The note is convertible into common shares at a conversion price of $0.18 per share.
Investors also received warrants for 11,111,110 common shares. The warrants have exercise prices ranging from $0.24 to $0.30 per share and a term of four years.
Firstway Enterprises is a private company based in Sarasota, Fla.
Issuer: | Firstway Enterprises, Inc.
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Issue: | Convertible notes
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Amount: | $1 million
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Maturity: | May 2, 2010
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Coupon: | 12%
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Price: | Par
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Yield: | 12%
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Conversion price: | $0.18
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Warrants: | For 11,111,110 shares
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Warrant expiration: | Four years
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Warrant strike price: | $0.24 to $0.30
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Settlement date: | May 2
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