President and vice-president each invest $57,750 for one-year notes
By Devika Patel
Knoxville, Tenn., July 9 – Amincor, Inc. completed a $115,500 private placement of convertible promissory notes, according to an 8-K filed Thursday with the Securities and Exchange Commission. President John R. Rice III and vice-president and interim chief financial officer Joseph F. Ingrassia each invested $57,750.
The note is due in one year and is convertible into restricted class A common stock at $0.0225 per share, which is a 43.75% discount to the July 8 closing share price of $0.04.
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
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| Amount: | $115,500
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| Maturity: | One year
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| Coupon: | 10%
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| Conversion price: | $0.0225
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| Warrants: | No
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| Investors: | John R. Rice III (for $57,750) and Joseph F. Ingrassia (for $57,750)
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| Settlement date: | July 9
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| Stock symbol: | OTCBB: AMNC
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| Stock price: | $0.04 at close July 8
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| Market capitalization: | $449,570
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