Published on 9/21/2015 in the Prospect News PIPE Daily.
Force Protection completes $54,000 private placement of convertibles
Offering sells 8% convertibles due Sept 11, 2016 to LG and Adar Bays
By Devika Patel
Knoxville, Tenn., Sept. 21 – Force Protection Video Equipment Corp. arranged to sell $27,000 of convertible promissory notes to LG Capital Funding, LLC and $27,000 of convertible promissory notes to Adar Bays, LLC on Sept. 11, according to an 8-K filed Monday with the Securities and Exchange Commission. The LG deal settled on Sept. 18, and the Adar Bays deal settled on Sept. 16.
The 8% notes mature on Sept. 11, 2016 and are convertible into common stock at a price equal to 40% of the average of the 20 lowest closing prices of the stock during the 20 consecutive trading days preceding conversion. The notes may be prepaid with penalties.
The investors each bough two additional collateralized secured promissory notes for a total of $108,000 of additional proceeds.
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: | $54,000
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Maturity: | Sept. 11, 2016
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Coupon: | 8%
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Conversion price: | 40% of the average of the 20 lowest closing prices of the stock during the 20 consecutive trading days preceding conversion
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Call: | With a penalty
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Warrants: | No
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Investors: | LG Capital Funding, LLC (for $27,000), Adar Bays, LLC (for $27,000)
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Fees: | $14,500
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Pricing date: | Sept. 11
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Settlement date: | Sept. 16 (for $27,000), Sept. 18 (for $27,000)
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Stock symbol: | OTCBB: FPVD
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Stock price: | $1.90 at close Sept. 10
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Market capitalization: | $38.24 million
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