8% one-year promissory note was sold to lone investor KBM Worldwide
By Devika Patel
Knoxville, Tenn., Dec. 31– VeriTeQ Corp. sold a $100,000 convertible promissory note to KBM Worldwide, Inc. on Dec. 26, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The deal priced on Dec. 17.
The 8% note is due in one year and may be converted into common shares at a conversion price equal to 61% of the average of the lowest three trading prices of the stock during the 10 trading days preceding conversion.
The note may be prepaid at premiums ranging from 10% to 35%.
Proceeds will be used for general corporate purposes.
The Delray Beach, Fla., company develops mobile games.
Issuer: | VeriTeQ Corp.
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Issue: | Convertible promissory note
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Amount: | $100,000
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Maturity: | One year
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Coupon: | 8%
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Conversion price: | 61% of the average of the lowest three trading prices of the stock during the 10 trading days preceding conversion
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Call: | At 110 to 135
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Warrants: | No
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Investor: | KBM Worldwide, Inc.
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Pricing date: | Dec. 17
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Settlement date: | Dec. 26
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Stock symbol: | OTCBB: VTEQ
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Market capitalization: | $483,790
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