Two-year original issue discount note sold to investor JMJ Financial
By Devika Patel
Knoxville, Tenn., April 17 – UnifiedOnline, Inc. issued a $300,000 original issue discount convertible note with a $30,000 discount to JMJ Financial for $270,000 on April 15, according to an 8-K filed Friday with the Securities and Exchange Commission.
The note is due in two years and may be converted into common shares at a conversion price equal to the lesser of $0.03 or 60% of the lowest trade price in the 25 trading days preceding the conversion.
The note accrues 0% interest if repaid within 90 days and pays a one-time interest payment of 12% if repaid after 90 days.
Proceeds will be used as general working capital.
The wireless broadband services provider is based in Fairfax, Va.
Issuer: | UnifiedOnline, Inc.
|
Issue: | Convertible note
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Amount: | $300,000
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Maturity: | Two years
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Price: | $270,000 ($30,000 discount)
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Coupon: | 0% if repaid within 90 days, 12% if repaid after 90 days
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Conversion price: | The lesser of $0.03 or 60% of the lowest trade price in the 25 trading days preceding conversion
|
Warrants: | No
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Investor: | JMJ Financial
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Settlement date: | April 15
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Stock symbol: | OTCBB: UOIP
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Stock price: | $0.02 at close April 14
|
Market capitalization: | $172,925
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