By Sheri Kasprzak
New York, Aug. 26 - Onscreen Technologies, Inc. said it has raised $2 million in a private placement of convertible promissory notes.
The notes mature in 90 days, bear interest at 12% and are convertible into common shares at $0.25 each.
The company may extend the maturity of the notes for an additional 90 days.
Onscreen's chief financial officer Mark Chandler purchased $100,000 of the notes.
Based in Safety Harbor, Fla., Onscreen makes video displays for outdoor advertisements.
| Issuer: | Onscreen Technologies, Inc.
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| Issue: | Convertible promissory notes
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| Amount: | $2 million
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| Maturity: | 90 days
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| Coupon: | 12%
|
| Price: | Par
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| Yield: | 12%
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| Conversion price: | $0.25
|
| Warrants: | No
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| Settlement date: | Aug. 26
|
| Stock price: | $0.40 at close Aug. 26
|
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