New Issue: Biosolar seals $53,000 private placement of 10% one-year convertibles

By Devika Patel

Knoxville, Tenn., Oct. 17 – Biosolar, Inc. issued a $53,000 convertible promissory note to Power Up Lending Group Ltd. on Wednesday, according to an 8-K filed with the Securities and Exchange Commission. The deal priced on Monday.

The 10% note is due in one year and is convertible into common stock a price equal to 61% of the average of the lowest two trading prices of the common stock during the 15-trading-day period ending on the latest complete trading day preceding the conversion.

The Santa Clarita, Calif., company produces bio-based solar energy products.

Issuer:	Biosolar, Inc.
Issue:	Convertible promissory note
Amount:	$53,000
Maturity:	One year
Coupon:	10%
Conversion price:	61% of the average of the lowest two trading prices of the common stock during the 15-trading-day period ending on the latest complete trading day preceding the conversion
Warrants:	No
Investor:	Power Up Lending Group Ltd.
Pricing date:	Oct. 15
Settlement date:	Oct. 17
Distribution:	Private placement

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