Pair of placements with RDW Capital will total $455,000
By Wendy Van Sickle
Columbus, Ohio, May 18 – Force Protection Video Equipment Corp. settled a $105,000 private placement of convertible promissory notes and has a subscription agreement for an additional $350,000 placement of the notes with RDW Capital, LLC, according to an 8-K filed with the Securities and Exchange Commission.
The 8% notes mature on Nov. 13, 2016 and are convertible into common shares at a price equal to 60% of the lowest price of the stock during the 20 consecutive trading days preceding conversion. The notes may be prepaid at 130.
The $350,000 placement will settle in four tranches: the first $100,000 tranche settled on May 13; the second $50,000 tranche will settle on May 20; and the third and fourth tranches, each $100,000, will settle June 13 and July 13, respectively.
The Cary, N.C., company offers services for people and businesses to improve their online image and visibility.
| Issuer: | Force Protection Video Equipment Corp.
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| Issue: | Convertible promissory notes
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| Amount: | $455,000
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| Maturity: | Nov. 13, 2016
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| Coupon: | 8%
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| Conversion price: | 60% of the lowest price of the stock during the 20 consecutive trading days preceding conversion
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| Call: | At 130
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| Warrants: | No
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| Investor: | RDW Capital, LLC
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| Settlement date: | May 13 (for $205,000)
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| Stock symbol: | OTCBB: FPVD
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| Stock price: | $0.04 at close May 11
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| Market capitalization: | $431,300
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