Axiom takes in $575,000 via offering of $612,250 convertible notes

10% convertible debt maturing Oct. 5, 2016 was issued to two investors

By Devika Patel

Knoxville, Tenn., Oct. 22 – Axiom Corp. sold $612,250 of 10% convertible promissory notes to two investors for $575,000 on Oct. 16, according to an 8-K filed Thursday with the Securities and Exchange Commission. The notes carry an original issue discount of $28,750, and the company paid $8,500 to cover fees.

The note matures on Oct. 5, 2016 and is convertible into common stock at a rate equal to 60% of the lowest average trading price of the stock during the 20 trading day period preceding the conversion date. It may be redeemed at 125.

The management and technology consulting company is based in St. Catherines, Ont.

Issuer:	Axiom Corp.
Issue:	Convertible promissory note
Amount:	$612,250
Maturity:	Oct. 5, 2016
Price:	$575,000, original issue discount of $28,750
Coupon:	10%
Conversion price:	60% of the lowest average trading price of the stock during the 20 trading day period preceding the conversion date
Call:	At 125
Warrants:	No
Fees:	$8,500
Settlement date:	Oct. 16
Stock symbol:	OTCBB: AXMM
Stock price:	$0.02 at close Oct. 15
Market capitalization:	$1.67 million

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.