Loan has same terms as $550,000 loans made on Jan. 30
By Angela McDaniels
Tacoma, Wash., March 9 – Strainwise, Inc. received $500,000 of convertibles loans on March 1 from two lenders. The loans bear interest at 25% per year, are unsecured and mature on Jan. 31, 2017.
The loans are convertible into shares of the company's common stock at the rate of $1.00 per share. This is a 33% discount to company’s $1.50 closing share price on Jan. 29.
Interest-only payments are due each month.
The same two lenders, plus one additional lender, lent $550,000 to the company on Jan. 30 on the same terms.
Lakewood, Colo.-based Strainwise provides branding and fulfillment services to entities in the cannabis retail and production industry.
| Issuer: | Strainwise, Inc.
|
| Issue: | Convertible loans
|
| Amount: | $1.05 million
|
| Maturity: | Jan. 31, 2017
|
| Coupon: | 25%
|
| Conversion price: | $1.50
|
| Warrants: | No
|
| Settlement dates: | Jan. 30 (for $550,000) and March 1 (for $500,000)
|
| Stock symbol: | Other OTC: STWC
|
| Stock price: | $1.50 at close on Jan. 29
|
| Market capitalization: | $40.42 million
|
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