8% note matures Sept. 7, 2014; converts at 58% of lowest 10-day price
By Toni Weeks
San Luis Obispo, Calif., March 20 - Titan Iron Ore Corp. sold a $55,000 convertible redeemable note to Beaufort Ventures plc on March 11, according to an 8-K filing with the Securities and Exchange Commission.
The 8% note is due Sept. 7, 2014.
The note is convertible into common stock at a conversion price equal to 58% of the lowest closing price in the 10 trading days prior to conversion. It may be prepaid at 130 for the first 90 days or at 140 from 91 to 180 days following the issue date.
In connection with the convertible note, the company entered into a debt purchase agreement on March 7 with Beaufort and GCA Strategic Investment Fund, Ltd. under which the investor agreed to assume $90,000 principal amount of a convertible promissory note dated April 24, 2013 granted by the company in favor of GCA.
Tucson-based Titan Iron Ore is a junior exploration iron ore mining company with mining rights in Wyoming.
| Issuer: | Titan Iron Ore Corp.
|
| Issue: | Convertible redeemable note
|
| Amount: | $55,000
|
| Maturity: | Sept. 7, 2014
|
| Coupon: | 8%
|
| Conversion price: | 58% of the lowest closing price in the 10 trading days prior to conversion
|
| Call: | At 130 for first 90 days, at 140 from 91-180 days following issue
|
| Warrants: | No
|
| Investor: | Beaufort Ventures plc
|
| Agreement date: | March 7
|
| Settlement date: | March 11
|
| Announcement date: | March 20
|
| Stock symbol: | OTCBB: TFER
|
| Stock price: | $0.0024 at close March 6
|
| Market capitalization: | $393,400
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
