Company sells convertible notes with a $10,000 original issue discount
By Devika Patel
Knoxville, Tenn., Sept. 14 - 3DIcon Corp. completed a $60,000 private placement of convertible bridge notes with Victor Keen on Sept. 10, according to an 8-K filed Friday with the Securities and Exchange Commission. The note was sold with a $10,000 original issue discount for $50,000.
The note matures in 90 days and is convertible into common stock. The conversion price is the lesser of the volume-weighted average price for the five trading days prior to the (i) issue date, (ii) maturity date and (iii) first closing date of a future financing.
Tulsa, Okla.-based 3DIcon is developing volumetric 3D display technology.
| Issuer: | 3DIcon Corp.
|
| Issue: | Convertible bridge note
|
| Amount: | $60,000
|
| Maturity: | 90 days
|
| Price: | $10,000 discount ($50,000)
|
| Conversion price: | The lesser of the volume-weighted average price for the five trading days prior to the (i) issue date, (ii) maturity date and (iii) first closing date of a future financing
|
| Warrants: | No
|
| Investor: | Victor Keen
|
| Settlement date: | Sept. 10
|
| Stock symbol: | OTCBB: TDCP
|
| Stock price: | $0.09 at close Sept. 7
|
| Market capitalization: | $4.52 million
|
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