Offering sells 12% one-year promissory notes to three investors
By Devika Patel
Knoxville, Tenn., July 23 – Inergetics Inc. sold a $52,500 convertible promissory note in a private placement on June 17, according to an 8-K filed Thursday with the Securities and Exchange Commission. It sold $145,500 of convertibles on July 14 and $145,500 of convertibles on July 16.
The 12% first note priced on June 16 and matures on June 16, 2016.
The 12% second note and 12% third note mature on July 13, 2016.
All the notes convert to common stock at a price equal to the lesser of 62% of the lowest trading price of the stock during the 10 trading days preceding conversion and $0.07. They may be prepaid at 130.
Based in Paramus, N.J., the company makes specialized nutritional supplements.
| Issuer: | Inergetics Inc.
|
| Issue: | Convertible promissory notes
|
| Amount: | $343,500
|
| Coupon: | 12%
|
| Conversion price: | The lesser of 62% of the lowest trading price of the stock during the 10 trading days preceding conversion and $0.07
|
| Warrants: | No
|
| Call: | Yes, at 130
|
| Stock symbol: | OTCBB: NRTI
|
| Market capitalization: | $87,400
|
|
|
| First note
|
| Amount: | $52,500
|
| Maturity: | June 16, 2016
|
| Pricing date: | June 16
|
| Settlement date: | June 17
|
|
|
| Second note
|
| Amount: | $145,500
|
| Maturity: | July 13, 2016
|
| Settlement date: | July 14
|
|
|
| Third note
|
| Amount: | $145,500
|
| Maturity: | July 13, 2016
|
| Settlement date: | July 16
|
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