Six-month convertible promissory note sold to G. Randall in offering
By Devika Patel
Knoxville, Tenn., June 30 – FBEC Worldwide, Inc. sold a $35,000 8% convertible promissory note to G. Randall & Sons, Inc. on June 29, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The note is due in six months on Jan. 30, 2016.
The note is convertible into common shares at a price equal to 75% of the average closing price of the stock during the 20 days preceding a conversion notice.
The beverages and snack company is based in Cheyenne, Wyo.
| Issuer: | FBEC Worldwide, Inc.
|
| Issue: | Convertible promissory notes
|
| Amount: | $35,000
|
| Maturity: | Jan. 30, 2016
|
| Coupon: | 8%
|
| Conversion price: | 75% of the average closing price of the stock during the 20 days preceding a conversion notice
|
| Warrants: | No
|
| Investor: | G. Randall & Sons, Inc.
|
| Settlement date: | June 29
|
| Stock symbol: | OTCBB: FBEC
|
| Stock price: | $0.09 at close June 26
|
| Market capitalization: | $24.47 million
|
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