Investor St. George also receives $55,000 of one-year warrants
By Devika Patel
Knoxville, Tenn., June 11 – Technology Applications International Corp. sold a $110,000 one-year convertible promissory note to St. George Investments LLC for $100,000 on June 5, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The 8% note is convertible into common shares at a conversion price equal to at 62% of the lowest closing bid price of the stock for the 20 trading days preceding conversion. It may be prepaid at 125.
St. George also received a number of warrants equal to $55,000 divided by the conversion price. The warrants are each exercisable at $1.00 for one year.
The emerging growth company is based in Miami.
| Issuer: | Technology Applications International Corp.
|
| Issue: | Convertible promissory note
|
| Amount: | $110,000
|
| Maturity: | One year
|
| Price: | $100,000
|
| Coupon: | 8%
|
| Conversion price: | 62% of the lowest closing bid price of the stock for the 20 trading days preceding conversion
|
| Call: | At 125
|
| Warrants: | $55,000 of warrants
|
| Warrant expiration: | One year
|
| Warrant strike price: | $1.00
|
| Investor: | St. George Investments LLC
|
| Settlement date: | June 5
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
