8% convertible promissory note due August 2015 sold to KBM Worldwide
By Marisa Wong
Madison, Wis., Dec. 2 – Great Plains Holdings, Inc. sold a $43,000 convertible promissory note to KBM Worldwide, Inc. on Nov. 17, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The 8% note is due on Aug. 19, 2015 and is convertible into common shares at a price equal to 61% of the lowest average three-day market price of the stock during the 10 trading days preceding the conversion notice. It may be prepaid in the first 180 days at prices ranging from 110 to 135.
Based in Wildwood, Fla., the company operates through two wholly owned subsidiaries, Ashland Holdings, LLC and Lil Marc, Inc. Ashland is focused on the real estate sector, and Lil Marc makes a training urinal for toddler boys.
| Issuer: | Great Plains Holdings, Inc.
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| Issue: | Convertible promissory note
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| Amount: | $43,000
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| Maturity: | Aug. 19, 2015
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| Coupon: | 8%
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| Conversion price: | 61% of the lowest average three day market price of the stock during the 10 trading days preceding the conversion notice
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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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| Settlement date: | Nov. 17
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| Stock symbol: | OTCBB: GTPH
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| Stock price: | $0.16 at close Dec. 1
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| Market capitalization: | $1.21 million
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