Company sells convertible revolving grid note due 2014 to its founders
By Devika Patel
Knoxville, Tenn., March 12 - All American Pet Co. Inc. settled a $1 million private placement of a 10% convertible revolving grid note on March 6, according to an 8-K filed Monday with the Securities and Exchange Commission. The deal is a related party transaction since the lenders, Lisa Bershan and Barry Swartz, are principal officers and directors of the company and are also its founders.
The note matures on March 6, 2013 and is convertible into common shares at $0.0022 per share. The conversion price is a 78% discount to the March 5 closing share price of $0.01.
Proceeds will be used for general working capital.
All American is a Beverly Hills, Calif., producer of healthy products for dogs. Its core product is dog food.
| Issuer: | All American Pet Co. Inc.
|
| Issue: | Convertible revolving grid note
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| Amount: | $1 million
|
| Maturity: | March 6, 2013
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| Coupon: | 10%
|
| Conversion price: | $0.0022
|
| Warrants: | No
|
| Investors: | Lisa Bershan and Barry Swartz
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| Settlement date: | March 6
|
| Stock symbol: | Pink Sheets: AAPT
|
| Stock price: | $0.01 at close March 5
|
| Market capitalization: | $1.96 million
|
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