8% convertible promissory notes due April 12, 2016 sold to RDW Capital
By Devika Patel
Knoxville, Tenn., Nov. 30 – Force Protection Video Equipment Corp. increased a private placement of discounted convertible promissory notes with RDW Capital, LLC to $2.25 million from $1.15 million on Nov. 24, according to an 8-K filed Monday with the Securities and Exchange Commission. The deal priced on Nov. 12 and will settle in four tranches; the first $150,000 tranche settled on Nov. 11.
The 8% notes mature on April 12, 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 at 130.
The second tranche will be $100,000, and the third tranche will settle for $1 million. The fourth tranche will be for $1 million.
Proceeds will be 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: | $2.25 million
|
| Maturity: | April 12, 2016
|
| Price: | Discounted
|
| Coupon: | 8%
|
| Conversion price: | 60% of the lowest price of the stock during the 20 consecutive trading days preceding conversion
|
| Call: | At 130
|
| Warrants: | No
|
| Investor: | RDW Capital, LLC
|
| Pricing date: | Nov. 12
|
| Settlement date: | Nov. 11 (for $150,000)
|
| Stock symbol: | OTCBB: FPVD
|
| Stock price: | $1.24 at close Nov. 11
|
| Market capitalization: | $27.74 million
|
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