Three-year, 10% convertible loan to fund purchase of APS200 system
By Devika Patel
Knoxville, Tenn., July 25 - Axim International Inc. arranged a $280,000 convertible loan financing with four investors on July 20, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The three-year loan will carry a 10% coupon and is convertible into common stock at a conversion price of $0.05 per share. It may be called with 30 days' notice.
Proceeds will be used for working capital and to purchase the APS200 system.
The Reno, Nev.-based private company does not have any significant operations.
| Issuer: | Axim International Inc.
|
| Issue: | Convertible loan
|
| Amount: | $280,000
|
| Maturity: | Three years
|
| Coupon: | 10%
|
| Conversion price: | $0.05
|
| Call: | Yes
|
| Warrants: | No
|
| Settlement date: | July 20
|
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