8% convertible note due Nov. 24, 2015 sold to KBM Worldwide via deal
By Devika Patel
Knoxville, Tenn., Nov. 25 – ProGreen Properties, Inc. sold a $43,000 convertible note to KBM Worldwide, Inc. on Nov. 24, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The 8% note is due on Nov. 24, 2015 and is convertible into common shares at a price equal to 61% of the average of the lowest three trading prices of the stock during the 10 trading days preceding conversion. It may be repaid in the first 180 days at prices ranging from 110 to 135.
Based in Birmingham, Mich., ProGreen Properties purchases income-producing real estate assets in Michigan.
| Issuer: | ProGreen Properties, Inc.
|
| Issue: | Convertible note
|
| Amount: | $43,000
|
| Maturity: | Nov. 24, 2015
|
| Coupon: | 8%
|
| Conversion price: | 61% of the average of the lowest three trading prices of the stock during the 10 trading days preceding conversion
|
| Call: | At 110 to 135
|
| Warrants: | No
|
| Investor: | KBM Worldwide, Inc.
|
| Announcement date: | Nov. 25
|
| Settlement date: | Nov. 24
|
| Stock symbol: | OTCBB: PGEI
|
| Stock price: | $0.04 at close Nov. 24
|
| Market capitalization: | $3.08 million
|
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