Investor purchases 8% note, convertible at $0.75 per common share
By Devika Patel
Knoxville, Tenn., July 26 – Yummy Flies, Inc. sold a $400,000 convertible promissory note with a single investor on July 18, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The 8% note matures in one year and converts to common stock at $0.75 per share. The note may be prepaid without a penalty.
The Lake Forest, Calif., company sells a series of fly fishing flies online.
| Issuer: | Yummy Flies, Inc.
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| Issue: | Convertible promissory note
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| Amount: | $1 million
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| Maturity: | One year
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| Coupon: | 8%
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| Conversion price: | $0.75
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| Call: | Yes
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| Warrants: | No
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| Settlement date: | July 18
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| Stock symbol: | OTCBB: YMMF
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