OSL Holdings seals $22,500 private placement of 8% convertible note

Convertible promissory note due July 23, 2013 was purchased by Asher

By Devika Patel

Knoxville, Tenn., Nov. 14 - OSL Holdings, Inc. sold a $22,500 convertible promissory note to Asher Enterprises, Inc. on Nov. 8, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

The 8% note is due July 23, 2013 and may be converted into common shares at a 59% discount to the average of the lowest three trading prices for the stock during the 10-day period preceding conversion. It may be prepaid.

The New York company markets and distributes office products.

Issuer:	OSL Holdings, Inc.
Issue:	Convertible promissory note
Amount:	$22,500
Maturity:	July 23, 2013
Coupon:	8%
Conversion price:	59% discount to the average of the lowest three trading prices for the stock during the 10-day period preceding conversion
Call:	Yes
Warrants:	No
Investor:	Asher Enterprises, Inc.
Settlement date:	Nov. 8
Stock symbol:	OTCBB: OSLH
Market capitalization:	$109,020

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