8% convertible due April 3, 2015 was sold to KBM Worldwide in offering
By Devika Patel
Knoxville, Tenn., July 11 – AnythingIT, Inc. sold a $42,500 convertible promissory note to KBM Worldwide, Inc. on July 7, according to an 8-K filed Friday with the Securities and Exchange Commission. The deal priced on July 1.
The 8% note is due April 3, 2015 and may be converted to common stock at 58% of the lowest average three day market price of the stock for the 10 trading days preceding conversion, with a floor price of $0.00009 per share. The company may prepay the note with a prepayment penalty ranging from 110 to 135 in the first 180 days.
Proceeds will be used for working capital.
The green technology company is based in Fair Lawn, N.J.
| Issuer: | AnythingIT, Inc.
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| Issue: | Convertible promissory note
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| Amount: | $42,500
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| Maturity: | April 3, 2015
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| Coupon: | 8%
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| Conversion price: | 58% of the lowest average three day market price of the stock for the 10 trading days preceding conversion, floor of $0.00009
|
| Call: | At 110 to 135
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| Warrants: | No
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| Investor: | KBM Worldwide, Inc.
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| Pricing date: | July 1
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| Settlement date: | July 7
|
| Stock symbol: | OTCBB: ANYI
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| Stock price: | $0.01 at close on June 30
|
| Market capitalization: | $530,690
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