Deal includes 500,000 shares; subordinated note will be due in a year
By Devika Patel
Knoxville, Tenn., Dec. 4 – Konared Corp. sold $110,000 of subordinated promissory notes with a $10,000 original issue discount for $100,000 in a private placement on Dec. 3, according to an 8-K filed Friday with the Securities and Exchange Commission.
The 8% notes are due on Dec. 3, 2016. The company may prepay the notes at par plus interest.
Investors also received 500,000 restricted common shares.
The Kalaheo, Hawaii, company produces extracts and powders from the coffee fruit for use in antioxidant juices and organic green teas as well as ingredients that can be added to food, beverages and nutritional products.
| Issuer: | Konared Corp.
|
| Issue: | Subordinated promissory note, 500,000 restricted common shares
|
| Amount: | $110,000
|
| Maturity: | Dec. 3, 2016
|
| Coupon: | 8%
|
| Price: | $100,000 ($10,000 original issue discount)
|
| Call: | At par
|
| Warrants: | No
|
| Settlement date: | Dec. 3
|
| Stock symbol: | OTCBB: KRED
|
| Stock price: | $0.06 at close Dec. 2
|
| Market capitalization: | $6.71 million
|
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