8% convertible promissory note sold to KBM Worldwide through offering
By Devika Patel
Knoxville, Tenn., July 25 – Mint Leasing, Inc. sold a $158,500 8% convertible promissory note to KBM Worldwide, Inc. on July 9, according to an 8-K filed Friday with the Securities and Exchange Commission. The deal priced on June 2.
The note is due on April 15, 2015 and is convertible into common stock at the greater of a 39% discount to the average of the three lowest trading prices of the stock during the 10 trading days preceding conversion and $0.00005. The company plans to repay the loan before any conversion.
The note may be prepaid at prices ranging from 110 to 135.
The Houston company provides motor vehicle financing.
| Issuer: | Mint Leasing, Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $158,500
|
| Maturity: | April 15, 2015
|
| Coupon: | 8%
|
| Conversion price: | The greater of a 39% discount to the average of the three lowest trading prices of the stock during the 10 trading days preceding conversion and $0.00005
|
| Call: | Yes, at 110 to 135
|
| Warrants: | No
|
| Investor: | KBM Worldwide, Inc.
|
| Pricing date: | June 2
|
| Settlement date: | July 9
|
| Stock symbol: | OTCBB: MLES
|
| Stock price: | $0.27 at close July 8
|
| Market capitalization: | $21.71 million
|
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