Secured convertible notes sold to Firstfire with five-year warrants
By Devika Patel
Knoxville, Tenn., July 29 – Emerald Medical Applications Corp. sold $100,000 8% secured convertible notes due June 19, 2017 to Firstfire Global Opportunities Fund LLC in a private placement on July 7, according to an 8-K filed Friday with the Securities and Exchange Commission.
The notes are convertible into common stock at the lesser of $0.40 and 77.5% of the average of the volume weighted average prices for the five trading days immediately following the first to occur of the 185th calendar day after the first effective date of the registration statement and the 275th calendar day after settlement.
The notes were sold with a commitment fee of 31,250 shares and class A and class B warrants. The five-year warrants are exercisable at the lesser of $0.735, 105% of the closing price of the stock on the day before settlement and 77.5% of the average of the volume weighted average prices for the five trading days immediately following the first to occur of the 185th calendar day after the first effective date of the registration statement and the 275th calendar day after settlement.
The digital health company is based in Petah Tikva, Israel.
| Issuer: | Emerald Medical Applications Corp.
|
| Issue: | Secured convertible notes
|
| Amount: | $100,000
|
| Maturity: | June 19, 2017
|
| Coupon: | 8%
|
| Conversion price: | The lesser of $0.40 and 77.5% of the average of the volume weighted average prices for the five trading days immediately following the first to occur of the 185th calendar day after the first effective date of the registration statement and the 275th calendar day after settlement
|
| Warrants: | Yes
|
| Warrant expiration: | Five years
|
| Warrant strike price: | The lesser of $0.735, 105% of the closing price of the stock on the day before settlement and 77.5% of the average of the volume weighted average prices for the five trading days immediately following the first to occur of the 185th calendar day after the first effective date of the registration statement and the 275th calendar day after settlement
|
| Investor: | Firstfire Global Opportunities Fund LLC
|
| Fees: | 31,250 shares
|
| Settlement date: | July 7
|
| Stock symbol: | OTCBB: MRLA
|
| Stock price: | $0.72 at close July 5
|
| Market capitalization: | $10.16 million
|
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