8% one-year notes were purchased by investor LG Capital for $21,500
By Devika Patel
Knoxville, Tenn., Feb. 18 – Worthington Energy, Inc. sold a $26,875 8% convertible redeemable note to LG Capital Funding LLC on Jan. 8, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The note is due on Jan. 8, 2016 and is convertible into common stock at a conversion price equal to 55% of the lowest closing bid price of the stock during the 20 trading days preceding a conversion notice.
The note generated proceeds of $21,500, discounted by $5,375 to cover legal and due diligence fees.
The oil and gas exploration and production company is based in Stateline, Nev.
| Issuer: | Worthington Energy, Inc.
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| Issue: | Convertible redeemable note
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| Amount: | $26,875
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| Maturity: | Jan. 8, 2016
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| Price: | $21,500
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| Coupon: | 8%
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| Conversion price: | 55% of the lowest closing bid price of the stock during the 20 days preceding a conversion notice
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| Warrants: | No
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| Investor: | LG Capital Funding LLC
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| Fees: | $5,375
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| Settlement date: | Jan. 8
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| Stock symbol: | OTCBB: WGAS
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| Market capitalization: | $287,000
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