ECPC buys 8% promissory notes due in six months, convertible at $0.25
By Devika Patel
Knoxville, Tenn., Dec. 14 - Location Based Technologies, Inc. sold $1 million of secured convertible promissory notes to ECPC II Capital, LLC on Dec. 10, according to an 8-K filed Friday with the Securities and Exchange Commission. The loan is secured by a security interest in two of the company's non-core patents.
The 8% notes mature in six months and have a conversion price of $0.25, which is a 16.67% discount to the Dec. 7 closing share price of $0.30.
Based in Irvine, Calif., Location Based Technologies designs, develops and sells personal, pet and vehicle locator devices and services.
| Issuer: | Location Based Technologies, Inc.
|
| Issue: | Secured convertible promissory note
|
| Amount: | $1 million
|
| Maturity: | Six months
|
| Coupon: | 8%
|
| Conversion price: | $0.25
|
| Warrants: | No
|
| Investor: | ECPC II Capital, LLC
|
| Settlement date: | Dec. 10
|
| Stock symbol: | OTCBB: LBAS
|
| Stock price: | $0.30 at close Dec. 7
|
| Market capitalization: | $59.18 million
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