Published on 6/29/2016 in the Prospect News PIPE Daily.
Rich Pharmaceuticals wraps $112,000 private placement of convertibles
8% redeemable note sold to investor LG Capital Funding through deal
By Devika Patel
Knoxville, Tenn., June 29 – Rich Pharmaceuticals, Inc. sold two convertible redeemable promissory notes, each with a principal amount of $56,000, to LG Capital Funding, LLC on June 25, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The 8% debt is due June 23, 2017 and may be converted into common shares at a conversion price equal to 50% of the lowest trading price during the 20-day period preceding conversion.
The biopharmaceutical company is based in Beverly Hills, Calif.
Issuer: | Rich Pharmaceuticals, Inc.
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Issue: | Convertible redeemable promissory note
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Amount: | $112,000
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Maturity: | June 23, 2017
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Coupon: | 8%
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Conversion price: | 50% of the lowest trading price during the 20-day period preceding conversion
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Warrants: | No
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Investor: | LG Capital Funding, LLC
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Settlement date: | June 25
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Stock symbol: | OTCBB: RCHA
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Market capitalization: | $251,399
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