By Jennifer Chiou
New York, Dec. 5 - FNDS3000 Corp. increased the secured convertible promissory note issued to Sherington Holdings, LLC in October to $1 million from the original $320,000, according to an 8-K filing with the Securities and Exchange Commission.
On Dec. 1, the company issued the $1 million secured convertible promissory note to Sherington, which will actually replace the note issued in October. That old note was canceled.
The December-issued note bears interest at 10% and matures on the earliest of Dec. 31, 2009; upon an event of default; or if Sherington does not purchase 8 million of FNDS3000's shares on or before Jan. 5.
The note is convertible at a price of $0.25 per share. It is secured by all of the assets of Atlas Merchant Services LLC.
Also on Dec. 1, the company and Sherington entered into an agreement under which Sherington has agreed to purchase 8 million shares and a warrant to purchase 30% of the issued shares of FNDS3000 at an exercise price of $0.35 per share.
The purchase price for the shares and the warrant is $2 million.
The public financial transaction processing company is based in Ponte Vedra Beach, Fla.
| Issuer: | FNDS3000 Corp.
|
| Issue: | Secured convertible promissory note
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| Amount: | $1 million
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| Maturity: | Dec. 31, 2009
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| Coupon: | 10%
|
| Conversion price: | $0.25 per share
|
| Investor: | Sherington Holdings, LLC
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| Stock symbol: | OTC: FDTC
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| Stock price: | $0.40 at close Dec. 4
|
| Market capitalization: | $8.58 million
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