Promissory notes due Dec. 16, 2016 sold to Labor Smart through deal
By Devika Patel
Knoxville, Tenn., Dec. 22 – Staffing Group Ltd. sold $80,000 of convertible promissory notes to Labor Smart, Inc. on Dec. 18, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The 12% note is due Dec. 16, 2016 and may be converted into common shares at a rate equal to 75% of the lowest intraday trading price during the 30 trading days preceding the conversion date.
As long as the note is outstanding, the investor may nominate one member to the board of directors.
The New Orleans staffing company provides general laborers to construction, light industrial, refuse, ship repair and stevedoring companies.
| Issuer: | Staffing Group Ltd.
|
| Issue: | Convertible promissory note
|
| Amount: | $80,000
|
| Maturity: | Dec. 16, 2016
|
| Coupon: | 12%
|
| Conversion rate: | 75% of the lowest intraday trading price during the 30 trading days preceding the conversion date
|
| Warrants: | No
|
| Investor: | Labor Smart, Inc.
|
| Fees: | $5,250
|
| Settlement date: | Dec. 18
|
| Stock symbol: | OTCBB: TSGL
|
| Stock price: | $0.03 at close Dec. 17
|
| Market capitalization: | $882,450
|
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