Company sells discounted three-year convertible notes to JMJ Financial
By Devika Patel
Knoxville, Tenn., July 6 - Amerilithium Corp. settled a private placement of three-year convertible promissory notes with JMJ Financial on June 29, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The notes have a $2.39 million principal and were sold at an original issue discount for $2.2 million.
The company sold two notes to the investor that bear 8% interest, which is calculated through the discounted price; the first note has a principal of $1.85 million, with a discount of $150,000, and the other has a principal of $540,000 with a $40,000 discount.
The notes will convert to common shares at a conversion price that is based on 80% of the lowest trade price in the 25 trading days preceding the conversion.
AmeriLithium is a gold, silver and lithium mining company based in Lake Tahoe, Nev.
| Issuer: | Amerilithium Corp.
|
| Issue: | Convertible promissory notes
|
| Amount: | $2.39 million
|
| Maturity: | Three years
|
| Price: | $2.2 million (for an 8% coupon)
|
| Coupon: | 8%
|
| Conversion price: | 80% of the lowest trade price in the 25 trading days previous to the conversion
|
| Warrants: | No
|
| Investor: | JMJ Financial
|
| Settlement date: | June 29
|
| Stock symbol: | OTCBB: AMEL
|
| Stock price: | $0.23 at close June 29
|
| Market capitalization: | $14.3 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
