Five-year note repays two outstanding Oceanside loans totaling $30,000
By Marisa Wong
Morgantown, W.Va., Sept. 15 – Redstone Literary Agents, Inc. issued a $73,825 convertible note under a private placement agreement with Oceanside Strategies, Inc., according to an 8-K filing with the Securities and Exchange Commission.
The five-year note bears interest at 18% per year. The principal amount, plus any accrued interest, may be converted into common shares at $0.03 per share.
Prior to issuance of the note, Redstone had outstanding debt totaling $33,825 with the subscriber in the form of a $10,000 loan dated Aug. 28, 2014 with accrued interest of $1,956, for a total amount outstanding of $11,956, and a $20,000 loan dated Feb. 26, 2015 with accrued interest of $1,869, for a total amount outstanding of $21,869.
The purchase price for the new note was paid by settlement of the outstanding debt and an additional $40,000.
The Fairfield, Calif.-based company currently has no business operations.
| Issuer: | Redstone Literary Agents, Inc.
|
| Issue: | Convertible note
|
| Amount: | $73,825
|
| Maturity: | Sept. 14, 2020
|
| Coupon: | 18%
|
| Conversion price: | $0.03
|
| Warrants: | No
|
| Investor: | Oceanside Strategies, Inc.
|
| Settlement date: | Sept. 14
|
| Stock symbol: | OTC: RDLA
|
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