12% one-year promissory notes slated to finance working capital needs
By Devika Patel
Knoxville, Tenn., May 3 - MineralRite Corp. settled a $100,000 private placement of convertible promissory notes on April 17, according to an 8-K filed Friday with the Securities and Exchange Commission.
The 12% notes convert to common stock at the lesser of $0.20 per share and a 20% discount to the 30-day volume-weighted average price. The notes mature on April 17, 2014.
Proceeds will be used to meet certain working capital needs.
The precious metals explorer is based in Lindon, Utah.
| Issuer: | MineralRite Corp.
|
| Issue: | Convertible promissory note
|
| Amount: | $100,000
|
| Maturity: | April 17, 2014
|
| Coupon: | 12%
|
| Conversion price: | The lesser of $0.20 per share and a 20% discount to the 30-day volume-weighted average price
|
| Warrants: | No
|
| Settlement date: | April 17
|
| Stock symbol: | OTCBB: RITE
|
| Stock price: | $0.17 at close April 16
|
| Market capitalization: | $3.08 million
|
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