Asher Enterprises purchases convertible promissory note due 2013
By Devika Patel
Knoxville, Tenn., April 30 - PCS Edventures!.com, Inc. sold a $32,500 convertible promissory note to Asher Enterprises, Inc. on April 23, according to an 8-K filed Monday with the Securities and Exchange Commission.
The 8% note is due Jan. 26, 2013 and may be converted into common shares at a 42% discount to the average of the lowest three trading prices for the stock during the 10-trading-day period ending on the last complete trading day prior to conversion. It may be prepaid.
The educational products developer is based in Boise.
| Issuer: | PCS Edventures!.com, Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $32,500
|
| Maturity: | Jan. 26, 2013
|
| Coupon: | 8%
|
| Conversion price: | A 42% discount to the average of the lowest three trading prices for the stock during the 10-trading-day period ending on the last complete trading day prior to conversion
|
| Call: | Yes
|
| Warrants: | No
|
| Investor: | Asher Enterprises, Inc.
|
| Settlement date: | April 23
|
| Stock symbol: | OTCBB: PCSV
|
| Stock price: | $0.04 at close April 20
|
| Market capitalization: | $1.78 million
|
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