Deal also includes 100% warrant coverage; notes mature Dec. 31, 2013
By Devika Patel
Knoxville, Tenn., Oct. 24 - Reven Housing REIT, Inc. settled a $500,000 private placement of convertible promissory notes on Oct. 18, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The 10% notes are due Dec. 31, 2013.
In addition, the investors received 100% warrant coverage. The warrants are exercisable for five years.
The real estate investment trust is based in La Jolla, Calif.
| Issuer: | Reven Housing REIT, Inc.
|
| Issue: | Convertible promissory notes
|
| Amount: | $500,000
|
| Maturity: | Dec. 31, 2013
|
| Coupon: | 10%
|
| Warrants: | 100% coverage
|
| Warrant expiration: | Five years
|
| Announcement date: | Oct. 24
|
| Settlement date: | Oct. 18
|
| Stock symbol: | OTCBB: RVEN
|
| Stock price: | $0.15 at close Oct. 23
|
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