Company sells original issue discount convertibles to JMJ Financial
By Devika Patel
Knoxville, Tenn., Sept. 27 - Co-Signer, Inc. completed a private placement of $400,000 of convertible promissory notes with JMJ Financial on Sept. 23, according to an 8-K filed Friday with the Securities and Exchange Commission. The notes were sold with an original issue discount of $40,000 for $360,000.
The note matures in one year and is convertible into common stock. The conversion price is equal to 60% of the lowest trading price for our common stock in the 25 trading days preceding the conversion date.
If repaid within 90 days, the note will not bear interest. After 90 days, a one-time interest charge of 12% will be applied.
The financial and real estate services company is based in Henderson, Nev.
| Issuer: | Co-Signer, Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $400,000
|
| Maturity: | One year
|
| Price: | $360,000
|
| Conversion price: | 60% of the lowest trading price for our common stock in the 25 trading days preceding the conversion date
|
| Warrants: | No
|
| Investor: | JMJ Financial
|
| Settlement date: | Sept. 23
|
| Stock symbol: | OTCBB: COSR
|
| Stock price: | $0.10 at close Sept. 20
|
| Market capitalization: | $10.3 million
|
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