Investor LG Capital purchases 8% notes due Oct. 22, 2016 in tranches
By Devika Patel
Knoxville, Tenn., Nov. 10 – EMS Find Inc. sold $125,000 of convertible notes as part of a $500,000 private placement with LG Capital Funding LLC on Oct. 22, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The convertibles are being sold with a 15% original issue discount for total proceeds of $425,000 in four equal tranches.
The 8% convertibles mature on Oct. 22, 2016 and are convertible at 80% of the lowest trading price of the stock during the 20 trading days preceding the conversion. The company may redeem the notes in the first six months at 115 in the first 90 days and at 125 on days 91 through 180.
The investor will be paid $24,000 in legal fees and expenses.
The Huntingdon Valley, Pa., company has developed a mobile platform to connect health care providers and consumers to a network of medical transport companies across the United States and Canada.
| Issuer: | EMS Find Inc.
|
| Issue: | Convertible notes
|
| Amount: | $500,000
|
| Maturity: | Oct. 22, 2016
|
| Price: | 15% original issue discount, or $425,000
|
| Coupon: | 8%
|
| Conversion price: | 80% of the lowest trading price of the stock during the 20 trading days preceding the conversion
|
| Call: | At 115 and 125 in the first six months
|
| Warrants: | No
|
| Investor: | LG Capital Funding LLC
|
| Fees: | $24,000
|
| Settlement date: | Oct. 22 (for $125,000)
|
| Stock symbol: | OTCBB: EMSF
|
| Stock price: | $0.70 at close Oct. 21
|
| Market capitalization: | $20.42 million
|
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