By Laura Lutz
Des Moines, Nov. 6 - Future Now Group Inc. sold $2 million of 11% secured convertible notes to two investors, according to an 8-K filing with the Securities and Exchange Commission.
The notes mature in two years. Future Now may prepay all or part of the principal at 115% of par during the first year or at 125% of par during the second year.
Interest on the note was prepaid.
The note will be convertible at Future Now's option at a conversion price of $0.35 per share.
The investors received warrants for 2,380,943 shares. Half of the warrants are exercisable at $0.35 and half are exercisable at $0.50. The warrants will expire five years after a registration statement for the underlying shares is declared effective.
Proceeds will be used for software development, marketing and promotion, and general corporate purposes.
Future Now is a New York-based company focused on online traffic consulting, services and software.
| Issuer: | Future Now Group Inc.
|
| Issue: | Secured convertible notes
|
| Amount: | $2 million
|
| Maturity: | Two years
|
| Coupon: | 11%, prepaid
|
| Price: | Par
|
| Yield: | 11%
|
| Conversion price: | $0.35
|
| Warrants: | For 2,380,943 shares
|
| Warrant expiration: | Five years after registration statement for underlying shares is declared effective
|
| Warrant strike price: | $0.35 for half; $0.50 for half
|
| Settlement date: | Oct. 30
|
| Stock symbol: | OTCBB: FUTR
|
| Stock price: | $0.35 at close Oct. 30
|
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