8%, 10% convertible notes sold to KBM Worldwide, RDW through offering
By Devika Patel
Knoxville, Tenn., Jan. 23 – Medican Enterprises Inc. sold a $54,000 convertible note to KBM Worldwide, Inc. on Jan. 16 as part of a private placement that priced on Jan. 14, according to an 8-K filed Friday with the Securities and Exchange Commission. It also sold a $45,000 convertible promissory note to RDW as part of a $100,000 private placement that priced and settled on Jan. 16.
The 8% KBM note is due on Oct. 16, 2015 and is convertible into common shares at a price equal to a 42% discount to the average of the three lowest closing bid prices of the stock during the 10 trading day period preceding conversion. It may be prepaid at prices ranging from 115 to 140.
The 10% RDW note is due on July 16, 2015 and is convertible into common shares at a price equal to 35% of the lowest trading price of the stock during the 20 consecutive trading days preceding conversion. It may be prepaid at 130.
The shell company is based in Las Vegas.
| Issuer: | Medican Enterprises Inc.
|
| Issue: | Convertible promissory note, convertible note
|
| Amount: | $154,000
|
| Warrants: | No
|
| Stock symbol: | OTCBB: MDCN
|
|
|
| KBM convertible note
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| Amount: | $54,000
|
| Maturity: | Oct. 16, 2015
|
| Coupon: | 8%
|
| Conversion price: | 42% discount to the average of the three lowest closing bid prices of the stock during the 10 trading day period preceding conversion
|
| Call: | At 115 to 140
|
| Investor: | KBM Worldwide, Inc.
|
| Pricing date: | Jan. 14
|
| Settlement date: | Jan. 16
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| Stock price: | $0.01 at close Jan. 13
|
|
|
| RDW convertible promissory note
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| Amount: | $100,000
|
| Maturity: | July 16, 2015
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| Coupon: | 10%
|
| Conversion price: | 35% of the lowest trading price of the stock during the 20 consecutive trading days preceding conversion
|
| Call: | At 130
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| Investor: | RDW
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| Pricing date: | Jan. 16
|
| Settlement date: | Jan. 16 (for $45,000)
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| Stock price: | $0.01 at close Jan. 15
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