Friendable completes $219,071 private placement of convertible notes

Company sells 8% one-year convertible debt to Coventry Enterprises

By Devika Patel

Knoxville, Tenn., June 6 – Friendable, Inc. sold a $61,571 8% convertible note to Coventry Enterprises LLC in a private placement on May 25, according to an 8-K filing with the Securities and Exchange Commission. The deal raised another $157,500 on May 27.

The notes mature in one year and are convertible into common stock at a rate equal to the lesser of $0.004 per share and 50% of the lowest closing bid price for the stock during the 20 trading days preceding conversion.

The investor was paid $10,450 for its legal fees and expenses.

The Campbell, Calif., company offers a mobile-social application.

Issuer:	Friendable, Inc.
Issue:	Convertible note
Amount:	$219,071
Maturity:	May 24, 2017, May 26, 2017
Coupon:	8%
Conversion price:	Lesser of $0.004 per share and 50% of the lowest closing bid price for the stock during the 20 trading days preceding conversion
Warrants:	No
Investor:	Coventry Enterprises LLC
Fees:	$10,450
Settlement dates:	May 25 (for $61,571), May 27 (for $157,500)
Stock symbol:	OTCBB: FDBL
Stock price:	$0.01 at close on June 3
Market capitalization:	$2.41 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.