Published on 7/2/2015 in the Prospect News PIPE Daily.
Wisdom Homes raises $70,500 through private placements of convertibles
8%, 10% convertibles sold to investors Oakmore, Carebourn in offerings
By Devika Patel
Knoxville, Tenn., July 2 – Wisdom Homes of America, Inc. sold a $40,000 8% convertible note to Oakmore Opportunity Fund I LP on June 30 and a $30,500 10% convertible note to Carebourn Capital, LP on June 26, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The Oakmore deal priced June 23.
The notes are convertible into common stock at 58% of the average of the lowest three trading prices of the stock during the 10 trading days following the conversion notice, with a floor of $0.00005 per share for the Oakmore note and a floor of $0.0001 for the Carebourn note.
The Oakmore note matures on June 23, 2016 and may be prepaid at prices ranging from 125 to 145.
The Carebourn note matures on June 26, 2016 and may be prepaid at prices ranging from 120 to 140.
Wisdom Homes is a manufactured housing retail center owner and operator based in Tyler, Texas.
| Issuer: | Wisdom Homes of America, Inc.
|
| Issue: | Convertible notes
|
| Amount: | $70,500
|
| Warrants: | No
|
| Stock symbol: | OTCBB: WOFA
|
| Stock price: | $0.03, $0.04 at close June 22, June 25
|
| Market capitalization: | $2.14 million
|
|
|
| Oakmore note
|
| Amount: | $40,000
|
| Maturity: | June 23, 2016
|
| Coupon: | 8%
|
| Call: | Yes, ranging from 130 to 140
|
| Conversion price: | 58% of the average of the lowest three trading prices of the stock during the 10 trading days following the conversion notice, floor of $0.00005
|
| Investor: | Oakmore Opportunity Fund I LP
|
| Pricing date: | June 23
|
| Settlement date: | June 30
|
|
|
| Carebourn note
|
| Amount: | $30,500
|
| Maturity: | June 26, 2016
|
| Coupon: | 10%
|
| Call: | Yes, ranging from 120 to 140
|
| Conversion price: | 58% of the average of the lowest three trading prices of the stock during the 10 trading days following the conversion notice, floor of $0.0001
|
| Investor: | Carebourn Capital, LP
|
| Settlement date: | June 26
|
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|
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