By Devika Patel
Knoxville, Tenn., March 13 - NextMart, Inc. completed a $1.5 million private placement of senior convertible notes with Redrock Venture Capital Ltd. on March 9, according to an 8-K filed Friday with the Securities and Exchange Commission.
Of the total, $1.25 million was exchanged for existing notes. The remaining $250,000, of which $70,000 has been received so far, will be delivered by May 1.
The company issued 2.5 million shares as prepaid interest for the notes at closing. The prepaid interest will be increased to a total amount of 3 million shares when the remaining proceeds are received.
The notes are due June 1, 2010. They are convertible at $0.015.
Based in New York, NextMart focuses on its business-to-business brand and apparel production management business.
Issuer: | NextMart, Inc.
|
Issue: | Senior convertible notes
|
Amount: | $1.5 million
|
Maturity: | June 1, 2010
|
Price: | Par
|
Conversion price: | $0.015
|
Warrants: | No
|
Investor: | Redrock Venture Capital Ltd.
|
Pricing date: | March 9
|
Stock symbol: | OTCBB: NXMR
|
Stock price: | $0.03 at close March 9
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.