Gold explorer sells one-year 10% note to Kazuo Holdings in financing
By Devika Patel
Knoxville, Tenn., Dec. 29 - North Springs Resources Corp. sold a $1 million one-year 10% convertible drawdown promissory note to Kazuo Holdings, Inc. on Dec. 21, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The principal may be drawn down in tranches of up to $50,000. The note may be prepaid at any time without a premium or penalty.
The note may be converted into common shares at a price equal to 75% of the average of the previous five days' closing market price of the common stock, rounded up to the nearest whole share.
North Springs is a gold explorer in Reno, Nev.
| Issuer: | North Springs Resources Corp.
|
| Issue: | Convertible drawdown promissory note
|
| Amount: | $1 million
|
| Maturity: | One year
|
| Coupon: | 10%
|
| Call: | At any time
|
| Warrants: | No
|
| Investor: | Kazuo Holdings, Inc.
|
| Settlement date: | Dec. 21
|
| Announcement date: | Dec. 29
|
| Stock symbol: | OTCBB: NSRS
|
| Stock price: | $0.37 at close Dec. 28
|
| Market capitalization: | $267.89 million
|
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