8% debentures due April 30, 2017 are convertible at $0.15 per share
By Toni Weeks
San Luis Obispo, Calif., July 13 – iWallet Corp. sold $120,000 of secured convertible debentures to four investors on June 30, according to an 8-K filing with the Securities and Exchange Commission.
The 8% debentures mature on April 30, 2017 and are convertible at any time at a conversion price of $0.15 per share.
The deal was a follow-on offering to the $372,500 of debentures issued on May 7, the filing said.
The private San Diego company offers a wallet that opens through a fingerprint security system.
| Issuer: | iWallet Corp.
|
| Issue: | Secured convertible debentures
|
| Amount: | $120,000
|
| Maturity: | April 30, 2017
|
| Coupon: | 8%
|
| Conversion price: | 0.15
|
| Warrants: | No
|
| Settlement date: | June 30
|
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