Deal sells 5% unsecured notes to Sky Rover Holdings in two tranches
By Devika Patel
Knoxville, Tenn., Aug. 8 – Future World Group Inc. sold a $500,000 5% convertible promissory note to Sky Rover Holdings, Ltd. on Aug. 1, according to an 8-K filed Monday with the Securities and Exchange Commission. It sold another $500,000 note to the investor on Aug. 3.
The notes are due on Aug. 1, 2019 and are convertible into 25 million common shares at $0.04 per share.
Proceeds will be used for working capital.
The investor is owned by Lei Pei, the company’s chief executive officer and principal shareholder.
The shell company is based in Walnut, Calf.
| Issuer: | Future World Group Inc.
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| Issue: | Convertible promissory notes
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| Amount: | $1 million
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| Maturity: | Aug. 1, 2019
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| Coupon: | 5%
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| Conversion price: | $0.04
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| Conversion ratio: | Into 25 million common shares
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| Warrants: | No
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| Investor: | Sky Rover Holdings, Ltd.
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| Settlement date: | Aug. 1 (for $500,000), Aug. 3 (for $500,000)
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