Five-month note bought by Ironbound Partners to fund working capital
By Devika Patel
Knoxville, Tenn., April 5 – Newtown Lane Marketing, Inc. sold a $10,000 convertible promissory note to Ironbound Partners Fund, LLC on April 1, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The 5% note is due on Aug. 31, 2016 and converts to common shares.
Proceeds will be used for working capital needs.
The Chatham, N.J., shell company does not have significant operations.
| Issuer: | Newtown Lane Marketing, Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $10,000
|
| Maturity: | Aug. 31, 2016
|
| Coupon: | 5%
|
| Warrants: | No
|
| Investor: | Ironbound Partners Fund, LLC
|
| Settlement date: | April 1
|
| Stock symbol: | OTCBB: NTWN
|
| Stock price: | $0.19 at close March 31
|
| Market capitalization: | $2.61 million
|
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