Company sells 9% notes and warrants; notes convert at $0.30 per share
By Devika Patel
Knoxville, Tenn., Sept. 30 – Multimedia Platforms Inc. raised $2,365,000 in a private placement of 9% convertible promissory notes on Sept. 28, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The notes were sold in units that each consisted of $50,000 notes and warrants for 166,666 shares. The company issued warrants for a total of 7,833,333 common shares. The purchase price of the units ranged from $10,000 to $250,000.
The 18-month notes convert to common stock at $0.30 per share, which is a 79.73% discount to the Sept. 25 closing share price of $1.48.
The four-year warrants are each exercisable at $0.30, which is also a 79.73% discount to the Sept. 25 closing share price.
The multimedia technology and publishing company is based in Fort Lauderdale, Fla.
| Issuer: | Multimedia Platforms Inc.
|
| Issue: | Units of $50,000 convertible promissory notes and warrants for 166,666 common shares
|
| Amount: | $2,365,000
|
| Price: | From $10,000 to $250,000
|
| Maturity: | 18 months
|
| Coupon: | 9%
|
| Conversion price: | $0.30
|
| Warrants: | For a total of 7,833,333 shares, or warrants for 166,666 shares per unit
|
| Warrant expiration: | Four years
|
| Warrant strike price: | $0.30
|
| Pricing date: | Sept. 28
|
| Stock symbol: | OTCBB: MMPW
|
| Stock price: | $1.48 at close Sept. 25
|
| Market capitalization: | $55.08 million
|
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