Offering sells 8% convertibles due Aug. 25, 2016 to EMA Financial
By Devika Patel
Knoxville, Tenn., Sept. 2 – Force Protection Video Equipment Corp. sold a $105,000 convertible promissory note with a $10,995 original issue discount to EMA Financial, LLC for $94,005 on Sept. 1, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The deal priced on Aug. 25.
The 8% note matures on Aug. 25, 2016 and is convertible into common stock at a price equal to 60% of the lowest sales price of the stock during the 20 consecutive trading days preceding the conversion. It may be prepaid at prices ranging from 125 to 140.
The company paid a $9,500 finder’s fee and a $5,000 due diligence fee.
Proceeds will be used for general corporate purposes.
The private, development-stage company is based in Cary, N.C.
| Issuer: | Force Protection Video Equipment Corp.
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| Issue: | Convertible promissory notes
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| Amount: | $105,000
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| Maturity: | Aug. 25, 2016
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| Price: | $94,005 ($10,995 original issue discount)
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| Coupon: | 8%
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| Conversion price: | $0.115
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| Conversion premium: | 4.55%
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| Call: | At prices ranging from 125 to 140
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| Warrants: | No
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| Investor: | EMA Financial, LLC
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| Fees: | $14,500
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| Pricing date: | Aug. 25
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| Settlement date: | Sept. 1
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