Investor Typenex Co-Investment gets 50% warrant coverage with loan
By Devika Patel
Knoxville, Tenn., Feb. 10 – Momentous Entertainment Group Inc. arranged a $280,000 10% convertible loan with Typenex Co-Investment, LLC, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The purchase price had a 9.1% original issue discount.
The loan is convertible into common shares at $0.35 per share. The conversion price is a 29.63% premium to the Feb. 9 closing share price of $0.27.
Typenex also received 50% warrant coverage. The warrants are exercisable for five years.
The marketing and media company is based in Sugar Land, Texas.
| Issuer: | Momentous Entertainment Group Inc.
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| Issue: | Convertible loan
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| Amount: | $280,000
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| Coupon: | 10%
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| Price: | 9.1% discount ($500,000 of notes)
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| Conversion price: | $0.35
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| Warrants: | 50% coverage
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| Warrant expiration: | Five years
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| Investor: | Typenex Co-Investment, LLC
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| Announcement date: | Feb. 10
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| Stock symbol: | OTCBB: MMEG
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| Stock price: | $0.27 at close Feb. 9
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| Market capitalization: | $15.75 million
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