6% convertible promissory note due Jan. 28, 2017 sold to EMA Financial
By Devika Patel
Knoxville, Tenn., Feb. 10 – EMAV Holdings Inc. sold an $86,000 convertible promissory note to EMA Financial, LLC on Feb. 4, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The 6% note is due on Jan. 28, 2017, which may be extended by one year. The note is convertible into common shares at a price equal to the lesser of the closing price of the stock on the day before the conversion or 50% of the lowest trading price of the stock during the 30 trading days preceding conversion. It may be prepaid in whole at 150.
The Irvine, Calif., company invests in automotive dealerships.
| Issuer: | EMAV Holdings Inc.
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| Issue: | Convertible promissory note
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| Amount: | $86,000
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| Maturity: | Jan. 28, 2017, may be extended by one year
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| Coupon: | 6%
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| Conversion price: | The lesser of the closing price of the stock on the day before the conversion or 50% of the lowest trading price of the stock during the 30 trading days preceding conversion
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| Call: | At 150
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| Warrants: | No
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| Investor: | EMA Financial, LLC
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| Settlement date: | Feb. 4
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| Stock symbol: | OTCBB: EMAV
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| Stock price: | $0.30 at close Feb. 3
|
| Market capitalization: | $13.86 million
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