8% nine-month convertible promissory note sold to investor KBM in deal
By Devika Patel
Knoxville, Tenn., Jan. 15– Rich Pharmaceuticals, Inc. sold a $33,000 convertible promissory note to KBM Worldwide, Inc. on Jan. 13, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The 8% note is due on Oct. 13, 2015 and may be converted into common shares at a conversion price equal to 58% of the average of the lowest three trading prices during the 10 trading days preceding the conversion.
KBM was paid $3,000 in legal fees.
The biopharmaceutical company is based in Beverly Hills, Calif.
| Issuer: | Rich Pharmaceuticals, Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $33,000
|
| Maturity: | Oct. 13, 2015
|
| Coupon: | 8%
|
| Conversion price: | 58% of the average of the lowest three trading prices during the 10 trading days preceding the conversion
|
| Warrants: | No
|
| Investor: | KBM Worldwide, Inc.
|
| Fees: | $3,000
|
| Settlement date: | Jan. 13
|
| Stock symbol: | OTCBB: RCHA
|
| Market capitalization: | $1.46 million
|
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