By Devika Patel
Knoxville, Tenn., June 4 - Organic To Go Food Corp. took in $5 million in a private placement of a convertible promissory note with W.Health LP on June 1, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The note is convertible into 2,166,667 common shares and mature in 21 months.
W.Health also received a warrant for 625,000 shares, exercisable at $3.00 per share for five years.
Seattle-based Organic To Go operates casual restaurants that sell organic food.
| Issuer: | Organic To Go Food Corp.
|
| Issue: | Convertible promissory note
|
| Amount: | $5 million
|
| Maturity: | 21 months
|
| Price: | Par
|
| Conversion ratio: | Into 2,166,667 shares
|
| Warrants: | For 625,000 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $3.00
|
| Investor: | W.Health LP
|
| Pricing date: | June 1
|
| Stock symbol: | OTCBB: OTGO
|
| Stock price: | $1.20 at close May 30
|
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