Note due Dec. 31, 2018 sold with warrants to KF Business Ventures
By Devika Patel
Knoxville, Tenn., Sept. 12 – MeeMee Media Inc. arranged a $550,000 private placement of a 12% secured convertible grid promissory note with KF Business Ventures, LP on Sept. 2, according to an 8-K filed Monday with the Securities and Exchange Commission.
The note is due Dec. 31, 2018 and is convertible into common shares at $0.05 per share, which is identical to the Sept. 1 closing share price.
KF Business also will receive 20 warrants for every dollar drawn, or up to 11 million warrants. The warrants are each exercisable at $0.05 until Dec. 31, 2021. The strike price is also identical to the Sept. 1 closing share price.
Los Angeles-based MeeMee Media is a shell company that used to design women’s intimate apparel. It has not generated revenue.
| Issuer: | MeeMee Media Inc.
|
| Issue: | Secured convertible grid promissory note
|
| Amount: | $550,000
|
| Maturity: | Dec. 31, 2018
|
| Coupon: | 12%
|
| Conversion price: | $0.05
|
| Conversion premium: | 13.21%
|
| Warrants: | Up to 11 million warrants
|
| Warrant expiration: | Dec. 31, 2021
|
| Warrant strike price: | $0.05
|
| Investor: | KF Business Ventures, LP
|
| Pricing date: | Sept. 2
|
| Stock symbol: | OTCBB: MEME
|
| Stock price: | $0.05 at close on Sept. 1
|
| Market capitalization: | $2.1 million
|
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