Published on 8/11/2016 in the Prospect News PIPE Daily.
EMS Find completes $52,500 private placement of $66,000 convertibles
Old Main, River North purchase 10% convertible notes due July 2017
By Devika Patel
Knoxville, Tenn., Aug. 11 – EMS Find Inc. sold $66,000 of convertible notes in two equal tranches on July 21 and July 25, according to an 8-K filed Thursday with the Securities and Exchange Commission. The convertibles were sold to Old Main Capital, LLC and River North Equity, LLC with a 10% original issue discount for $52,500.
The 10% convertibles mature on July 21, 2017 and July 25, 2017 and are convertible at the lower of 65% of the lowest trading price of the stock during the 20 trading days preceding the conversion and the closing bid price on the original issue date. The company may redeem the notes in the first six months - at 130 in the first 90 days and at 150 on days 91 through 180.
The investors will each be paid $4,000 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: | $66,000
|
| Maturity: | July 21, 2017 and July 25, 2017
|
| Price: | 10% original issue discount ($52,500)
|
| Coupon: | 10%
|
| Conversion price: | The lower of 65% of the lowest trading price of the stock during the 20 trading days preceding the conversion and the closing bid price on the original issue date
|
| Call: | At 130 and 150 in the first six months
|
| Warrants: | No
|
| Investor: | Old Main Capital, LLC (for $33,000) and River North Equity, LLC (for $33,000)
|
| Fees: | $8,000
|
| Settlement dates: | July 21 (for $33,000) and July 25 (for $33,000)
|
| Stock symbol: | OTCBB: EMSF
|
| Stock price: | $0.03 at close July 20
|
| Market capitalization: | $1.57 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.
