8% convertible promissory notes due June 29, 2016 sold to Auctus Fund
By Devika Patel
Knoxville, Tenn., Oct. 5 – Force Protection Video Equipment Corp. sold $66,000 convertible promissory notes to Auctus Fund, LLC on Oct. 2, according to an 8-K filed Monday with the Securities and Exchange Commission. The deal priced on Sept. 29.
The 8% notes mature on June 29, 2016 and are convertible into common shares at a price equal to 60% of the lowest price of the stock during the 20 consecutive trading days preceding conversion. The notes may be prepaid with penalties.
Proceeds will be used for used for general corporate purposes.
The Cary, N.C., company offers services for people and businesses to improve their online image and visibility.
| Issuer: | Force Protection Video Equipment Corp.
|
| Issue: | Convertible promissory notes
|
| Amount: | $66,000
|
| Maturity: | June 29, 2016
|
| Coupon: | 8%
|
| Conversion price: | 60% of the lowest price of the stock during the 20 consecutive trading days preceding conversion
|
| Call: | With a penalty
|
| Warrants: | No
|
| Investor: | Auctus Fund, LLC
|
| Pricing date: | Sept. 29
|
| Settlement date: | Oct. 2
|
| Stock symbol: | OTCBB: FPVD
|
| Stock price: | $2.16 at close Sept. 28
|
| Market capitalization: | $24.93 million
|
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