Company sells 10% promissory note due on April 7, 2017 via offering
By Devika Patel
Knoxville, Tenn., April 14 – Freeze Tag, Inc. completed a $500,000 private placement of convertible promissory notes on April 7, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The 10% note matures on April 7, 2017 and is convertible into common stock at a conversion price equal to the lesser of 50% of the average of the three lowest trade prices of the stock on three separate trading days after April 7 or $0.003 per share.
The Tustin, Calif., company develops and publishes casual games.
| Issuer: | Freeze Tag, Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $500,000
|
| Maturity: | April 7, 2017
|
| Coupon: | 10%
|
| Conversion price: | The lesser of 50% of the average of the three lowest trade prices of the stock on three separate trading days after April 7 or $0.003 per share
|
| Warrants: | No
|
| Settlement date: | April 7
|
| Stock symbol: | OTCBB: FRZT
|
| Market capitalization: | $506,000
|
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