8% convertible debt due April 3, 2016 was sold to Snack Um in deal
By Devika Patel
Knoxville, Tenn., April 9 - Mister Goody, Inc. sold an 8% convertible note to Snack Um, LLC for $250,000 on April 3, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The note matures on April 3, 2016 and is convertible into common stock at $0.10 per share, which is a 50% discount to the April 2 closing share price of $0.20. It may be prepaid without penalties and put at any time after April 3, 2015.
Proceeds were used to increase the company's economic interest in its subsidiary, the Naked Edge, LLC, for debt retirement and for general corporate purposes.
Based in Boynton Beach, Fla., Mister Goody provides management consulting services to the Naked Edge, LLC, a subsidiary that manufactures Veggie Go's, an organic fruit and vegetable snack.
| Issuer: | Mister Goody, Inc.
|
| Issue: | Convertible note
|
| Amount: | $250,000
|
| Maturity: | April 3, 2016
|
| Coupon: | 8%
|
| Conversion price: | $0.10
|
| Call: | Yes
|
| Put: | After April 3, 2015
|
| Warrants: | No
|
| Investor: | Snack Um, LLC
|
| Settlement date: | April 3
|
| Stock symbol: | OTCBB: MSGO
|
| Stock price: | $0.20 at close April 1
|
| Market capitalization: | $12.01 million
|
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