Company issues convertible promissory note due March 2015 to Vis Vires
By Devika Patel
Knoxville, Tenn., July 6 – Flasr Inc. completed a private placement of a $48,000 8% convertible promissory note with Vis Vires Group, Inc. on July 1, according to an 8-K filed Monday with the Securities and Exchange Commission. The deal priced on June 4.
The convertible is due on March 8, 2015. It converts to common stock at a price equal to 58% of the average of the lowest three closing bid prices of the stock during the 10 trading days preceding the conversion. The note may be prepaid at 140.
The Atlanta company sells portable waste solutions for consumers of moist tobacco products.
| Issuer: | Flasr Inc.
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| Issue: | Convertible promissory note
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| Amount: | $48,000
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| Maturity: | March 8, 2015
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| Coupon: | 8%
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| Conversion price: | 58% of the average of the lowest three closing bid prices of the stock during the 10 trading days preceding the conversion
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| Call: | At 140
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| Warrants: | No
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| Investor: | Vis Vires Group, Inc.
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| Pricing date: | June 4
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| Settlement date: | July 1
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| Stock symbol: | OTCBB: FLSR
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| Stock price: | $0.15 at close June 3
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| Market capitalization: | $16.84 million
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