Company sells note to KBM Worldwide; note convertible at 42% discount
By Marisa Wong
Madison, Wis., Aug. 29 – Rimrock Gold Corp. sold a convertible promissory note to KBM Worldwide, Inc. for $88,500 on Friday, according to an 8-K filing with the Securities and Exchange Commission.
The 8% note matures on May 27, 2015.
The note is convertible any time after 180 days after issuance. The note is convertible into Rimrock’s common stock at a conversion price equal to 58% multiplied by the market price, representing a 42% discount rate. The market price is the average of the lowest three trading prices during the 20-trading-day period prior to the conversion date.
The note may not be prepaid in whole or in part.
Any amount of principal or interest unpaid when due will bear interest at the default rate of 22%.
Proceeds will be used for general working capital purposes.
The gold and lithium explorer is based in Las Vegas.
| Issuer: | Rimrock Gold Corp.
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| Issue: | Convertible promissory note
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| Amount: | $88,500
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| Maturity: | May 27, 2015
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| Coupon: | 8%
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| Conversion: | Any time after 180 days after issuance
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| Conversion price: | 58% times market price, which is average of lowest three trading prices during 20-trading-day period prior to conversion
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| Investor: | KBM Worldwide, Inc.
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| Pricing date: | Aug. 25
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| Settlement date: | Aug. 29
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| Stock symbol: | OTCBB: RMRK
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| Stock price: | $0.05 at close Aug. 28
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| Market capitalization: | $1.56 million
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