Monarch Bay Securities sells senior secured promissory notes due 2014
By Devika Patel
Knoxville, Tenn., June 20 - Vinyl Products, Inc. completed a $215,000 private placement of 10% senior secured convertible promissory notes on June 14, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The note is due on Dec. 31, 2014 and is convertible into common shares at $1.00 per share. There is a mandatory conversion feature.
Monarch Bay Securities, LLC was the agent.
The company is based in Newport Beach, Calif.
| Issuer: | Vinyl Products, Inc.
|
| Issue: | Senior secured convertible promissory notes
|
| Amount: | $215,000
|
| Maturity: | Dec. 31, 2014
|
| Coupon: | 10%
|
| Conversion price: | $1.00
|
| Call: | Yes
|
| Warrants: | No
|
| Agent: | Monarch Bay Securities, LLC
|
| Settlement date: | June 14
|
| Stock symbol: | OTCBB: VYNL
|
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