One-year promissory note converts to common stock at 40% discount
By Devika Patel
Knoxville, Tenn., Jan. 23 - Fuelstream Inc. completed a private placement of $262,500 of 8% convertible promissory notes on Jan. 22, according to an 8-K filed Friday with the Securities and Exchange Commission.
The note matures on July 20, 2014 and is convertible into common shares at a 40% discount to the volume-weighted average of the three lowest trading days for the 10-day period prior to conversion.
Fuelstream is a sports management and marketing company in Fort Lauderdale, Fla.
| Issuer: | Fuelstream Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $262,500
|
| Maturity: | July 20, 2014
|
| Coupon: | 8%
|
| Conversion price: | A 40% discount to the volume-weighted average of the three lowest trading days for the 10-day period prior to conversion
|
| Warrants: | No
|
| Settlement date: | Jan. 22
|
| Stock symbol: | OTCBB: FLST
|
| Stock price: | $0.04 at close Jan. 21
|
| Market capitalization: | $939,490
|
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