Company sells 10% convertibles due Nov. 19, 2017 in private placement
By Devika Patel
Knoxville, Tenn., Dec. 2 – Blow & Drive Interlock Corp. completed a $50,000 convertible debenture private placement with David Petlak on Nov. 24, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The 10% debenture is convertible into common shares at a conversion price equal to 70% of the average of the closing prices of the common stock during the five trading days preceding conversion. The note matures Nov. 19, 2017.
Petlak also received a two-year warrant for 80,000 shares, which is exercisable at $0.80, a 77.14% discount to the Nov. 23 closing share price of $3.50.
The Beverly Hills, Calif., company develops and distributes breath alcohol ignition interlock device.
| Issuer: | Blow & Drive Interlock Corp.
|
| Issue: | Secured convertible debenture
|
| Amount: | $50,000
|
| Maturity: | Nov. 19, 2017
|
| Coupon: | 10%
|
| Conversion price: | 70% of the average of the closing prices of the common stock during the five trading days preceding conversion
|
| Warrants: | For 80,000 shares
|
| Warrant expiration: | Two years
|
| Warrant strike price: | $0.80
|
| Investor: | David Petlak
|
| Settlement date: | Nov. 24
|
| Stock symbol: | OTCBB: BDIC
|
| Stock price: | $3.50 at close Nov. 23
|
| Market capitalization: | $50.26 million
|
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