Note converts at $0.001 per share; deal funds pay-off of securities
By Devika Patel
Knoxville, Tenn., July 1 – NaturalNano, Inc. settled a $300,000 private placement of 8% convertible promissory notes on June 27, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The note is initially convertible into common shares at $0.001 per share. It is due in three months.
Proceeds were used to pay off $3.26 million of promissory notes and debentures held by Platinum Long Term Growth IV, LLC and Merit Consulting LLC for $300,000.
Based in West Henrietta, N.Y., NaturalNano is a nanomaterials production company.
| Issuer: | NaturalNano, Inc.
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| Issue: | Convertible promissory notes
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| Amount: | $300,000
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| Maturity: | Three months
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| Coupon: | 8%
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| Conversion price: | $0.001
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| Warrants: | No
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| Settlement date: | June 27
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| Stock symbol: | OTCBB: NNAN
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| Market capitalization: | $1.25 million
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