Investor White Winston also receives warrants for 5 million shares
By Devika Patel
Knoxville, Tenn., Aug. 10 – Multimedia Platforms, Inc. sold a $1.75 million 10% secured promissory note to White Winston Select Asset Funds, LLC on July 29, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The note is due on June 29, 2017.
White Winston also received warrants for 5 million common shares, half of which are exercisable at $0.01, with the remainder exercisable at $0.02. The strike prices are a 50% discount and identical to the July 28 closing share price of $0.02.
The multimedia technology and publishing company is based in Fort Lauderdale, Fla.
| Issuer: | Multimedia Platforms, Inc.
|
| Issue: | Secured promissory note
|
| Amount: | $1.75 million
|
| Maturity: | June 29, 2017
|
| Coupon: | 10%
|
| Call: | Yes
|
| Warrants: | For 5 million shares
|
| Warrant strike price: | $0.01, $0.02
|
| Investor: | White Winston Select Asset Funds, LLC
|
| Settlement date: | July 29
|
| Stock symbol: | OTCBB: MMPW
|
| Stock price: | $0.02 at close July 28
|
| Market capitalization: | $1.38 million
|
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