Investor receives three-year warrants for 1 million shares
By Angela McDaniels
Tacoma, Wash., April 1 - Location Based Technologies, Inc. issued a $500,000 10% convertible promissory note to a high-net-worth investor on March 26, according to an 8-K filing with the Securities and Exchange Commission.
The note has a term of 12 months and is convertible into common stock at $0.20 per share.
Additionally, the investor received three-year warrants to purchase 1 million shares at $0.20 per share.
The conversion price and warrant strike prices are a 21.2% premium to the company's $0.165 closing share price on March 25.
The Irvine, Calif.-based company designs and develops assisted-GPS location devices and customizable services that enable businesses and consumers to locate things.
| Issuer: | Location Based Technologies, Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $500,000
|
| Maturity: | March 25, 2014
|
| Coupon: | 10%
|
| Conversion price: | $0.20
|
| Warrants: | For 1 million shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.20
|
| Agent: | Non-brokered
|
| Settlement date: | March 26
|
| Stock symbol: | OTCBB: LBAS
|
| Stock price: | $0.165 at close April 1
|
| Market capitalization: | $33.41 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
