11-month note was sold to Ironbound Partners to fund working capital
By Devika Patel
Knoxville, Tenn., July 18 – Newtown Lane Marketing, Inc. sold a $25,000 convertible promissory note to Ironbound Partners Fund, LLC on July 15, according to an 8-K filed Monday with the Securities and Exchange Commission.
The 5% note is due on Aug. 31, 2017 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.
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| Issue: | Convertible promissory note
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| Amount: | $25,000
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| Maturity: | Aug. 31, 2017
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| Coupon: | 5%
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| Warrants: | No
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| Investor: | Ironbound Partners Fund, LLC
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| Settlement date: | July 15
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| Stock symbol: | OTCBB: NTWN
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| Stock price: | $0.19 at close July 14
|
| Market capitalization: | $2.61 million
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