Board member Gregg Haugen purchases 10% one-year debenture
By Toni Weeks
San Diego, Sept. 14 - Location Based Technologies, Inc. said it sold a $400,000 convertible note on Sept. 10 to board member Gregg Haugen, according to an 8-K filed Friday with the Securities and Exchange Commission.
The 10% debenture matures in one year and is convertible at $0.20 per share. The conversion price is a 4.71% premium to the closing share price of $0.191 on Sept. 13.
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: | Convertible note
|
| Amount: | $400,000
|
| Maturity: | One year
|
| Coupon: | 10%
|
| Conversion price: | C$0.20
|
| Conversion premium: | 4.71%
|
| Warrants: | No
|
| Investor: | Gregg Haugen
|
| Settlement date: | Sept. 10
|
| Stock symbol: | OTCBB: LBAS
|
| Stock price: | $0.191 at close Sept. 13
|
| Market capitalization: | $38.01 million
|
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