Company offers 8% convertible promissory note to KBM Worldwide in deal
By Devika Patel
Knoxville, Tenn., Nov. 3 – Mind Solutions Inc. settled a $32,500 private placement of an 8% convertible promissory note with KBM Worldwide, Inc. on Oct. 29, according to an 8-K filed Monday with the Securities and Exchange Commission.
After 180 days, the note is convertible into common stock at a conversion price equal to 55% of the average of the lowest three closing bid prices of the stock during the 20 trading days preceding conversion.
The note may be prepaid for the first 180 days at prices ranging from 120 to 140. It matures on July 31, 2015.
The San Diego company has created a wireless headset that detects and processes real-time brain activity patterns.
| Issuer: | Mind Solutions Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $32,500
|
| Maturity: | July 31, 2015
|
| Coupon: | 8%
|
| Conversion price: | 55% of the average of the lowest three closing bid prices of the stock during the 20 trading days preceding conversion
|
| Call option: | At 120 to 140 for first 180 days
|
| Warrants: | No
|
| Investor: | KBM Worldwide, Inc.
|
| Settlement date: | Oct. 29
|
| Stock symbol: | OTCBB: VOIS
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| Stock price: | $0.003 at close Oct. 29
|
| Market capitalization: | $2.75 million
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