12% original issue discount debentures due March 5, 2016 sold in deal
By Devika Patel
Knoxville, Tenn., March 11 – World Moto Inc. settled a private placement of $54,348 of original issue discount convertible debentures, which were sold with an 8% discount for $50,000, on March 5, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The investor plans to purchase an additional $489,130 debenture for $450,000, which is also an 8% original issue discount. This will bring the total sale to $543,478 of debentures for $500,000. The investor will also be reimbursed for $12,000 of attorney’s fees.
The 12% debentures are due on March 5, 2016. They are convertible into common stock at the lesser of $0.03 per share or 50% of the lowest traded price per share of the common stock during the 25 trading days preceding conversion. The debentures may be redeemed.
The Bangkok-based company has developed the Moto-Meter, a motorcycle taxi meter.
| Issuer: | World Moto Inc.
|
| Issue: | Original issue discount convertible debentures
|
| Amount: | $543,478
|
| Maturity: | March 5, 2016
|
| Coupon: | 12%
|
| Price: | 8% discount ($500,000)
|
| Conversion price: | The lesser of $0.03 per share or 50% of the lowest traded price per share of the common stock during the 25 trading days preceding conversion
|
| Call: | Yes
|
| Warrants: | No
|
| Fees: | $12,000
|
| Settlement date: | March 5 (for $54,348)
|
| Stock symbol: | OTCBB: FARE
|
| Stock price: | $0.03 at close March 4
|
| Market capitalization: | $11.72 million
|
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