Convertible promissory note due 2013 purchased by Panache Capital
By Devika Patel
Knoxville, Tenn., Sept. 26 - OSL Holdings, Inc. sold a $30,000 convertible promissory note to Panache Capital, LLC on Sept. 21, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The 10% note is due Sept. 21, 2013 and may be converted into common shares at a 49% discount to the average of the lowest three trading prices for the stock during the 10-trading-day period preceding conversion. It may be prepaid at 125.
The Orangeburg, N.Y., company markets and distributes office products.
| Issuer: | OSL Holdings, Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $30,000
|
| Maturity: | Sept. 21, 2013
|
| Coupon: | 10%
|
| Conversion price: | A 49% discount to the average of the lowest three trading prices for the stock during the 10-trading-day period preceding conversion
|
| Call: | At 125
|
| Warrants: | No
|
| Investor: | Panache Capital, LLC
|
| Settlement date: | Sept. 21
|
| Stock symbol: | OTCBB: OSLH
|
| Stock price: | $0.01 at close Sept. 20
|
| Market capitalization: | $1.05 million
|
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