Company issues convertible promissory note due Nov. 19, 2016 to CEO
By Devika Patel
Knoxville, Tenn., Nov. 30 – Flasr Inc. completed a private placement of a $100,000 8% convertible promissory note with its president, chief executive officer and sole director Everett M. Dickson on Nov. 19, according to an 8-K filed Friday with the Securities and Exchange Commission. The note was purchased through the cancellation of $100,000 of debt.
The convertible is due on Nov. 19, 2016. It converts to common stock at a price equal to 60% of the lowest trading price of the stock during the 20 trading days preceding conversion. The note may be prepaid at 148.
The Atlanta company sells a reusable spittoon system for consumers of moist tobacco products.
| Issuer: | Flasr Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $100,000
|
| Maturity: | Nov. 19, 2016
|
| Coupon: | 8%
|
| Conversion price: | 60% of the lowest trading price of the stock during the 20 trading days preceding conversion
|
| Call: | At 148
|
| Warrants: | No
|
| Investor: | Everett M. Dickson
|
| Settlement date: | Nov. 19
|
| Stock symbol: | OTCBB: FLSR
|
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