Company sells 8% one-year redeemable debt to Coventry Enterprises
By Devika Patel
Knoxville, Tenn., July 13 – Friendable, Inc. sold a $50,000 8% convertible redeemable note to Coventry Enterprises LLC in a private placement on July 7, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The notes mature July 7, 2017 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 $2,500 for its legal fees and expenses.
The Campbell, Calif., company offers a mobile-social application.
| Issuer: | Friendable, Inc.
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| Issue: | Convertible redeemable note
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| Amount: | $50,000
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| Maturity: | July 7, 2017
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| Coupon: | 8%
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| 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
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| Warrants: | No
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| Investor: | Coventry Enterprises LLC
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| Fees: | $2,500
|
| Settlement date: | July 7
|
| Stock symbol: | OTCBB: FDBL
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| Stock price: | $0.01 at close on July 6
|
| Market capitalization: | $1.94 million
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