Published on 9/25/2014 in the Prospect News PIPE Daily.
AnythingIT concludes $63,000 placement of convertible promissory notes
8% convertible promissory notes were sold to KBM Worldwide in offering
By Devika Patel
Knoxville, Tenn., Sept. 25 – AnythingIT, Inc. sold a $30,500 8% convertible promissory note to KBM Worldwide, Inc. on Sept. 9, according to an 8-K filed Thursday with the Securities and Exchange Commission. It also sold a $32,500 8% convertible promissory note to KBM on Sept. 17.
The Sept. 9 note is due on June 11, 2015, and the Sept. 17 note is due on June 19, 2015.
Both notes may be converted to common stock after 180 days at a price equal to the greater of 58% of the lowest average three-day price of the stock during the 10 trading days preceding conversion and $0.00004.
The company may prepay the notes with a prepayment penalty ranging from 110 to 135 in the first 180 days.
The green technology company is based in Fair Lawn, N.J.
| Issuer: | AnythingIT, Inc.
|
| Issue: | Convertible promissory notes
|
| Amount: | $63,000
|
| Coupon: | 8%
|
| Conversion price: | The greater of 58% of the lowest average three-day price of the stock during the 10 trading days preceding conversion and $0.00004
|
| Call option: | At 110 between zero and 30 days after issuance, at 115 between 31 and 60 days after issuance, at 120 between 61 and 90 days after issuance, at 125 between 91 and 120 days after issuance, at 130 between 121 and 150 days after issuance, at 135 between 151 and 180 days after issuance
|
| Warrants: | No
|
| Investor: | KBM Worldwide, Inc.
|
| Stock symbol: | OTCBB: ANYI
|
| Stock price: | $0.02 at close on Sept. 8, Sept. 16
|
| Market capitalization: | $787,190
|
|
|
| Sept. 9 note
|
| Amount: | $30,500
|
| Maturity: | June 11, 2015
|
| Settlement date: | Sept. 9
|
|
|
| Sept. 17 note
|
| Amount: | $32,500
|
| Maturity: | June 19, 2015
|
| Settlement date: | Sept. 17
|
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