12% convertible due May 6, 2015 was sold to JSJ Investments in deal
By Devika Patel
Knoxville, Tenn., Nov. 14 – Rich Pharmaceuticals, Inc. sold a $55,000 convertible promissory note to JSJ Investments Inc. on Nov. 7, according to an 8-K filed Friday with the Securities and Exchange Commission. The company received $53,000 after deducting $2,000 of legal fees.
The 12% note is payable on demand after May 6, 2015 and is convertible into common shares at a price equal to a 47.5% discount to the lowest daily volume-weighted average price of the stock for the 20 trading days preceding conversion. It may be prepaid at a premium.
The biopharmaceutical company is based in Beverly Hills, Calif.
| Issuer: | Rich Pharmaceuticals, Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $55,000
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| Maturity: | May 6, 2015
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| Coupon: | 12%
|
| Conversion price: | 47.5% discount to the lowest daily volume-weighted average price of the stock for the 20 trading days preceding conversion
|
| Call: | Yes
|
| Warrants: | No
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| Investor: | JSJ Investments Inc.
|
| Fees: | $2,000
|
| Settlement date: | Nov. 7
|
| Stock symbol: | OTCBB: RCHA
|
| Stock price: | $0.02 at close Nov. 6
|
| Market capitalization: | $5.47 million
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