One-year loan from company’s president, vice-president
New York, Jan. 8 – Amincor, Inc. said it raised $116,000 by borrowing $58,000 each from John R. Rice III, the company’s president, and Joseph F. Ingrassia, its vice-president and interim chief financial officer.
The loans are in the form of a one-year convertible promissory note that is convertible into the company’s class A common stock at $0.0225 per share.
Interest will be at the prime rate, payable at maturity if the notes are not converted.
Amincor is a New York-based company with four operating subsidiaries: water remediation services provider Advanced Waste & Water Technology, Inc., private label sliced bread and donut manufacturer Baker’s Pride, Inc., environmental consultant Tyree Holdings Corp. and Amincor Other Assets, Inc., which holds real estate, equipment and loan receivables.
| Issuer: | Amincor, Inc.
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| Issue: | Convertible promissory notes
|
| Amount: | $116,000
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| Maturity: | Jan. 4, 2016
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| Coupon: | Prime, payable at maturity
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| Conversion price: | $0.0225
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| Call: | Non-callable
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| Warrants: | None
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| Settlement date: | Jan. 5
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| Investors: | John R. Rice III, Joseph F. Ingrassia
|
| Stock symbol: | OTC: AMNC
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| Stock price: | $0.02 at close on Jan. 7
|
| Market capitalization: | $770,000
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