Auctus purchases 8% nine-month note, convertible at 45% discount
By Marisa Wong
Madison, Wis., March 16 – Rich Pharmaceuticals, Inc. sold a convertible promissory note to Auctus Private Equity Fund, LLC in the original principal amount of $55,000 on March 11, according to an 8-K filing with the Securities and Exchange Commission.
Auctus funded $52,750 to Rich Pharmaceuticals after deducting fees of $2,250.
The note bears interest at 8% and must be repaid on or before Dec. 9, 2015.
The note may be converted into common stock at any time after 180 days at a conversion price equal to 55% of the market price.
The issuer is a pharmaceutical company based in Beverly Hills, Calif.
| Issuer: | Rich Pharmaceuticals, Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $55,000
|
| Proceeds: | $52,750
|
| Maturity: | Dec. 9, 2015
|
| Coupon: | 8%
|
| Conversion price: | 55% of market price
|
| Warrants: | No
|
| Investor: | Auctus Private Equity Fund, LLC
|
| Settlement date: | March 11
|
| Stock symbol: | OTCBB: RCHA
|
| Stock price: | $0.0013 at close March 13
|
| Market capitalization: | $1.03 million
|
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