Company may issue up to $250,000 of notes with 10% OID
By Marisa Wong
Morgantown, W.Va., Sept. 14 – ProGreen Properties, Inc. issued a convertible note to JMJ Financial in the initial amount of $30,000, with the maximum principal sum to be advanced under the note to be $250,000, according to an 8-K filing with the Securities and Exchange Commission.
The maximum proceeds would be $225,000, with a $25,000 original issue discount.
The two-year note bears interest at 8% per year.
The conversion price is 60% of the average of two lowest trade prices in the 20 trading days prior to conversion.
The company may repay the note at any time within 90 days of the issuance date.
Based in Birmingham, Mich., ProGreen Properties purchases income-producing real estate assets in Michigan.
| Issuer: | ProGreen Properties, Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | Up to $250,000
|
| Maturity: | Two years
|
| Coupon: | 8%
|
| Price: | 10% OID
|
| Conversion price: | 60% of average of two lowest trade prices in 20 trading days prior to conversion
|
| Warrants: | No
|
| Investor: | JMJ Financial
|
| Settlement date: | Sept. 2 for $30,000
|
| Stock symbol: | OTC: PGEI
|
| Market capitalization: | $205,272
|
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