By Devika Patel
Knoxville, Tenn., June 17 - Last Mile Logistics Group, Inc. completed a $1 million tranche of a private placement of a convertible debenture on June 12, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The initial tranche consists of a 7¾% convertible debenture sold for $100,000 in cash and an 8% promissory note for $900,000.
The promissory note matures on June 12, 2012.
The debenture is convertible at a price equal to the lesser of $0.50 or the average of the lowest three volume weighted average prices of the company's common stock as reported on the OTC Bulletin Board during the 20 trading days prior to the conversion date multiplied by 0.8.
Based in Elkridge, Md., Last Mile Logistics provides courier services of envelopes and small packages, as well as last mile logistics services in the mid-Atlantic region of the United States.
Issuer: | Last Mile Logistics Group, Inc.
|
Issue: | Convertible debenture sold for $100,000 and $900,000 8% promissory note
|
Amount: | $1 million
|
Coupon: | 7¾%
|
Price: | Par
|
Yield: | 7¾%
|
Conversion price: | Lesser of $0.50 or the average of the lowest three volume weighted average prices of the company's common stock as reported on the OTC Bulletin Board during the 20 trading days prior to the conversion date multiplied by 0.8
|
Warrants: | No
|
Settlement date: | June 12
|
Stock symbol: | OTCBB: LMLG
|
Stock price: | $0.08 at close June 12
|
|
Promissory note
|
Amount: | $900,000
|
Maturity: | June 12, 2012
|
Coupon: | 8%
|
Price: | Par
|
Yield: | 8%
|
© 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.