7% notes fund repayment of $155,000 of company's convertible notes
By Devika Patel
Knoxville, Tenn., Jan. 3 - MMAX Media, Inc. settled a $165,500 private placement of secured convertible promissory notes on Dec. 27, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The 7% notes convert to common stock at $0.005 per share, which is a 50% discount to the Dec. 17 closing share price of $0.01. The notes mature in one year.
Proceeds were used to repay $155,000 of secured convertible notes that were issued by the company from January through May.
The Fort Lauderdale, Fla., company develops and markets products that provide merchants and consumers with mobile marketing services.
| Issuer: | MMAX Media, Inc.
|
| Issue: | Secured convertible promissory note
|
| Amount: | $165,500
|
| Maturity: | One year
|
| Coupon: | 7%
|
| Conversion price: | $0.005
|
| Warrants: | No
|
| Settlement date: | Dec. 27
|
| Stock symbol: | OTCBB: MMAX
|
| Stock price: | $0.01 at close Dec. 17
|
| Market capitalization: | $236,620
|
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