Company sells 8% one-year redeemable debt to Coventry Enterprises
By Devika Patel
Knoxville, Tenn., Aug. 25 – Friendable, Inc. sold a $157,000 8% convertible redeemable note to Coventry Enterprises LLC in a private placement on Aug. 15, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The note matures on Aug. 15, 2017 and is 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 $7,500 for its legal fees and expenses.
The Campbell, Calif., company offers a mobile-social application.
| Issuer: | Friendable, Inc.
|
| Issue: | Convertible redeemable note
|
| Amount: | $157,000
|
| Maturity: | Aug. 15, 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: | $7,500
|
| Settlement date: | Aug. 15
|
| Stock symbol: | OTCBB: FDBL
|
| Stock price: | $0.01 at close on Aug. 12
|
| Market capitalization: | $3.78 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.
