Agreement sells stock at 35% discount to investor River North Equity
By Devika Patel
Knoxville, Tenn., Aug. 22 – EMS Find Inc. arranged a $2 million equity line financing agreement with River North Equity, LLC on July 25, according to an 8-K filed Monday with the Securities and Exchange Commission.
The shares will be sold until Dec. 31, 2017 at a purchase price equal to 75% of the lowest closing bid price of the stock on any trading day during the five trading days following a put notice.
River North also received two convertible notes of $40,000 each, due March 29, 2017 and convertible into common stock at a conversion price equal to 65% of the lowest trade price of the stock during the 20 trading days preceding conversion.
The Huntingdon Valley, Pa., company has developed a mobile platform to connect health care providers and consumers to a network of medical transport companies across the United States and Canada.
| Issuer: | EMS Find Inc.
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| Issue: | Equity line of credit, convertible notes
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| Amount: | $2 million
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| Tenor: | Dec. 31, 2017
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| Price: | 75% of the lowest closing bid price of the stock on any trading day during the five trading days following a put notice
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| Warrants: | No
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| Investor: | River North Equity, LLC
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| Fees: | $5,000
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| Settlement date: | July 25
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| Stock symbol: | OTCBB: EMSF
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| Stock price: | $0.04 at close July 22
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| Market capitalization: | $2.04 million
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| Notes
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| Amount: | $80,000
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| Maturity: | March 29, 2017
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| Conversion price: | 65% of the lowest trade price of the stock during the 20 trading days preceding conversion
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