8% convertible promissory note was sold to MTR3S Holding in offering
By Devika Patel
Knoxville, Tenn., March 4 – FreeSeas Inc. sold a $500,000 8% one-year convertible promissory note to MTR3S Holding Ltd. on March 2, according to a 6-K filed Friday with the Securities and Exchange Commission.
The note is convertible into common stock at the lesser of $0.23 and 60% of the lowest volume-weighted average price of the stock during the 21 trading days preceding conversion.
The note may be redeemed at 127.5.
FreeSeas, based in Athens, is a transporter of dry-bulk cargoes.
| Issuer: | FreeSeas Inc.
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| Issue: | Convertible promissory note
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| Amount: | $500,000
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| Maturity: | One year
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| Coupon: | 8%
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| Conversion price: | The lesser of $0.23 and 60% of the lowest volume-weighted average price of the stock during the 21 trading days preceding conversion
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| Call: | At 127.5
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| Investor: | MTR3S Holding Ltd.
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| Warrants: | No
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| Settlement date: | March 2
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| Stock symbol: | Nasdaq: FREE
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| Stock price: | $0.03 at close March 1
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