Notes due Dec. 1, 2013 sold to Hanover Holdings I
By Devika Patel
Knoxville, Tenn., May 29 - TagLikeMe Corp. settled a private placement of $31,500 convertible notes with Hanover Holdings I, LLC on May 10, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The notes are due Dec. 1, 2013, bear interest at 12% and are convertible into common stock at a 55% discount from the lowest trading price in the five trading days preceding the conversion date. They may be prepaid.
Proceeds will be used for general and administrative purposes and working capital.
The internet media and digital information technology company is based in Dallas.
| Issuer: | TagLikeMe Corp.
|
| Issue: | Convertible notes
|
| Amount: | $31,500
|
| Maturity: | Dec. 1, 2013
|
| Coupon: | 12%
|
| Conversion price: | 55% discount from the lowest trading price in the five trading days preceding the conversion date
|
| Call: | Yes
|
| Warrants: | No
|
| Investor: | Hanover Holdings I, LLC
|
| Settlement date: | May 10
|
| Stock symbol: | OTCBB: TAGG
|
| Stock price: | $0.01 at close May 9
|
| Market capitalization: | $3.97 million
|
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