Investor Tonaquint buys one-year discounted notes, five-year warrants
By Devika Patel
Knoxville, Tenn., Sept. 25 - Puramed Bioscience Inc. sold a $172,500 convertible promissory note to Tonaquint, Inc. on Sept. 7, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The company received $150,000, for an original issue discount of $22,500.
The 8% note matures on Sept. 7, 2013 and is convertible at $0.15 per share. The conversion price is a 50% premium to the Sept. 6 closing share price of $0.10.
Tonaquint also received warrants for $129,375 of common shares. The warrants are each exercisable at $0.30 for five years. The strike price is a 200% premium to the Sept. 6 closing share price.
Based in Schofield, Wis., Puramed BioScience develops and markets a line of non-prescription medicinal or healthcare products.
| Issuer: | Puramed Bioscience Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $172,500
|
| Maturity: | Sept. 7, 2013
|
| Price: | $150,000 (original issue discount of $22,500)
|
| Coupon: | 8%
|
| Conversion price: | $0.15
|
| Conversion premium: | 50%
|
| Warrants: | For $129,375 of shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.30
|
| Investor: | Tonaquint, Inc.
|
| Settlement date: | Sept. 7
|
| Stock symbol: | OTCBB: PMBS
|
| Stock price: | $0.10 at close Sept. 6
|
| Market capitalization: | $3.03 million
|
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