Nine-month note carries 8% coupon, convertible at 55% market price
By Marisa Wong
Madison, Wis., Feb. 6 – Western Graphite Inc. sold a $43,000 convertible note to KBM Worldwide, Inc. on Feb. 2, according to an 8-K filing with the Securities and Exchange Commission.
The note bears interest at 8% per year and is payable on Nov. 4, 2015.
The company has the option to prepay the note, along with an interest premium, at any time during the first 180 days after issuance.
The note is convertible into shares of Western Graphite common stock beginning 180 days after issuance. The conversion price is equal to 55% of the market price.
KBM is prohibited from converting the note into common shares to the extent that the conversion would result in it beneficially owning more than 4.99% of Western Graphite’s common stock, subject to at least 61 days prior written notice of the investor’s intention to waive or modify that provision.
The issuer is a Monticello, Fla.-based exploration-stage mining company.
| Issuer: | Western Graphite Inc.
|
| Issue: | Convertible note
|
| Amount: | $43,000
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| Maturity: | Nov. 4, 2015
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| Coupon: | 8%
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| Conversion price: | 55% of market price
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| Investor: | KBM Worldwide, Inc.
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| Pricing date: | Feb. 2
|
| Stock symbol: | OTC: WSGP
|
| Stock price: | $0.011 at close Feb. 5
|
| Market capitalization: | $1.29 million
|
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