Company also cancels $10 million Coventry Enterprises equity offering
By Devika Patel
Knoxville, Tenn., June 23 – RX Safes, Inc. arranged a $76,750 sale of 8% convertible promissory notes with Auctus Private Equity Fund, LLC on June 16, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The convertible is due on March 16, 2016. It converts to common stock at a price equal to 65% of the lowest closing price of the stock for the 20 trading days preceding the conversion. The note may be prepaid at prices ranging from 125 to 140.
The company also reported that on June 19 it cancelled a $10 million equity purchase agreement it had arranged with Coventry Enterprises, LLC on Feb. 25.
Coventry bought a $50,000 8% convertible promissory note in February and had agreed to buy another $50,000 convertible, but did not pay for the second note. The company is electing to redeem the initial convertible at 125.
Proceeds from the Auctus offering were used to repay the Coventry note.
The Henderson, Nev., company designs, develops, engineers and markets fingerprint medical security storage solutions.
| Issuer: | RX Safes, Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $76,750
|
| Maturity: | March 16, 2016
|
| Coupon: | 8%
|
| Conversion price: | 65% of the lowest closing price of the stock for the 20 trading days preceding the conversion
|
| Call: | At prices ranging from 125 to 140
|
| Warrants: | No
|
| Investor: | Auctus Private Equity Fund, LLC
|
| Pricing date: | June 16
|
| Stock symbol: | OTCBB: RXSF
|
| Stock price: | $0.01 at close June 15
|
| Market capitalization: | $699,550
|
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