RealSource extends due date of 12% convertible notes to June 9, 2016

Company also forces conversion of a portion of the accrued interest

By Devika Patel

Knoxville, Tenn., Jan. 19 – RealSource Residential, Inc. amended its 12% series A senior unsecured convertible promissory notes on Jan. 15, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The notes were sold in a $2.31 million private placement which settled on Dec. 9, 2013.

The maturity date of the notes has been extended by six months to June 9, 2016 from Dec. 9, 2015. The agreement also forced conversion of a portion of the accrued interest on Dec. 9.

The Salt Lake City company acquires, manages and holds primarily multi-family housing assets.

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