Company sells original issue discount convertibles to JMJ Financial
By Devika Patel
Knoxville, Tenn., Feb. 9 – BioCorRx Inc. settled a private placement of $250,000 of convertible promissory notes with JMJ Financial on Feb. 4, according to an 8-K filed Friday with the Securities and Exchange Commission. The note was sold with a $25,000 original issue discount and bears a one-time interest charge of 12% unless it is repaid at par in the first 120 days.
The note matures in two years and is convertible into common stock. The conversion price is equal 60% of the lowest trade price of the stock in the 25 trading days preceding conversion.
The Los Angeles company offers addiction treatment and rehabilitation programs.
| Issuer: | BioCorRx Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $250,000
|
| Maturity: | Two years
|
| Price: | $25,000 discount ($225,000)
|
| Coupon: | A one-time interest charge of 12%
|
| Conversion price: | 60% of the lowest trade price of the stock in the 25 trading days preceding conversion
|
| Call: | In the first 90 days
|
| Warrants: | No
|
| Investor: | JMJ Financial
|
| Settlement date: | Feb. 4
|
| Stock symbol: | OTCBB: BICX
|
| Stock price: | $0.09 at close Feb. 3
|
| Market capitalization: | $13.41 million
|
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