Convertible sold to KBM Worldwide, converts to stock at 42% discount
By Devika Patel
Knoxville, Tenn., Dec. 12 – GoldLand Holdings Co. completed a $68,500 private placement of a convertible note with KBM Worldwide Inc. on Dec. 8, according to an 8-K filed Friday with the Securities and Exchange Commission.
The 8% note is due on Sept. 10, 2015 and is convertible into common shares at 58% of the three lowest daily average trading prices of the stock during the 10 trading days preceding conversion. It may be prepaid.
The gold and silver explorer is based in Bradenton, Fla.
| Issuer: | GoldLand Holdings Co.
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| Issue: | Convertible note
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| Amount: | $68,500
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| Maturity: | Sept. 10, 2015
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| Coupon: | 8%
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| Conversion price: | 58% of the three lowest daily average trading prices of the stock during the 10 trading days preceding conversion
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| Call: | Yes
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| Warrants: | No
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| Investor: | KBM Worldwide Inc.
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| Settlement date: | Dec. 8
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| Stock symbol: | OTCBB: GHDC
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| Stock price: | $0.01 at close on Dec. 5
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| Market capitalization: | $2.12 million
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