8% promissory note due Dec. 23, 2015 was sold to LG Capital Funding
By Devika Patel
Knoxville, Tenn., Jan. 6 – Homeland Resources Ltd. sold a $25,000 convertible promissory note to LG Capital Funding, LLC on Dec. 30, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The deal priced on Dec. 23.
The 8% note is due on Dec. 23, 2015 and may be converted into common shares at a conversion price equal to 61% of the average of the lowest five closing bid prices of the stock during the 10 trading days preceding conversion. Interest is to be paid in stock.
The note may be prepaid at premiums ranging from 15% to 45%.
Proceeds will be used for general corporate purposes.
The oil and gas exploration company is based in Las Vegas.
| Issuer: | Homeland Resources Ltd.
|
| Issue: | Convertible promissory note
|
| Amount: | $25,000
|
| Maturity: | Dec. 23, 2015
|
| Coupon: | 8%
|
| Conversion price: | 61% of the average of the lowest five closing bid prices of the stock during the 10 trading days preceding conversion
|
| Call: | At 115 to 145
|
| Warrants: | No
|
| Investor: | LG Capital Funding, LLC
|
| Pricing date: | Dec. 23
|
| Settlement date: | Dec. 30
|
| Stock symbol: | OTCBB: HMLA
|
| Stock price: | $0.21 at close Dec. 22
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
