Company sells 8% one-year convertible debt to EMA Financial
By Devika Patel
Knoxville, Tenn., April 22 – Friendable, Inc. sold a $106,500 8% convertible note to EMA Financial LLC in a private placement on April 11, according to an 8-K filed Friday with the Securities and Exchange Commission. The deal priced on April 7.
The note matures on April 7, 2017 and is convertible into common stock at a rate equal to the lesser of the closing sale price of the stock on the on the day before settlement and 50% of the lowest sale price for the stock during the 25 trading days preceding conversion. It may be prepaid at a 25% premium within the first 90 days and at a 50% premium after that.
The investor was paid $6,500 for its legal fees and expenses.
The Campbell, Calif., company offers a mobile-social application.
| Issuer: | Friendable, Inc.
|
| Issue: | Convertible note
|
| Amount: | $106,500
|
| Maturity: | April 7, 2017
|
| Coupon: | 8%
|
| Conversion price: | Lesser of the closing sale price of the stock on the on the day before settlement and 50% of the lowest sale price for the stock during the 25 trading days preceding conversion
|
| Call: | At a 35% premium within the first 90 days, at a 50% premium after 90 days
|
| Warrants: | No
|
| Investor: | EMA Financial LLC
|
| Fees: | $6,500
|
| Pricing date: | April 7
|
| Settlement date: | April 11
|
| Stock symbol: | OTCBB: FDBL
|
| Market capitalization: | $1.2 million
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
