Investor buys 5% note due July 13, 2016 with variable conversion price
By Devika Patel
Knoxville, Tenn., April 19 – Notis Global, Inc. settled a $225,000 private placement of a 5% convertible promissory note with a single investor on April 13, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The note matures on July 13, 2016 and is convertible into common shares at the lesser of $0.75 and a 49% discount to the lowest traded price of the stock during the 20 trading days preceding conversion. The company may prepay the note with a 30% premium.
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| Issuer: | Notis Global, Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $225,000
|
| Maturity: | July 13, 2016
|
| Coupon: | 5%
|
| Conversion price: | The lesser of $0.75 and a 49% discount to the lowest traded price of the stock during the 20 trading days preceding conversion
|
| Call: | At 130
|
| Warrants: | No
|
| Announcement date: | April 19
|
| Settlement date: | April 13
|
| Stock symbol: | OTCBB: MDBX
|
| Stock price: | $0.01 at close April 18
|
| Market capitalization: | $2.63 million
|
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