Company amends prior note, warrants to adjust conversion, strike prices
By Marisa Wong
Morgantown, W.Va., May 16 – MeeMee Media Inc. issued two secured convertible promissory notes in the amounts of $175,000 and $25,000 to KF Business Ventures, LP on April 6, according to an 8-K filed Monday with the Securities and Exchange Commission.
The 10% notes mature on Dec. 31, 2017 and are convertible at $0.06 per share.
The company also amended a secured promissory note issued to KF Business Ventures in February 2014. The amendment, effective April 6, reduces the conversion price of the existing note to $0.06.
In addition, the company amended warrants previously issued to KF Business Ventures. The strike price was adjusted to $0.06 per share.
The amendment to the existing note also covers the issuance of an additional warrant for up to 2 million common shares. The new five-year warrant is exercisable at $0.06 per share.
The conversion price and strike price reflect a 50% premium to the April 1 closing share price of $0.04.
MeeMee Media offers mobile content and services. The company is based in Los Angeles.
| Issuer: | MeeMee Media Inc.
|
| Issue: | Secured convertible promissory notes
|
| Amount: | $200,000 (issued as $175,000 and $25,000 notes)
|
| Maturity: | Dec. 31, 2017
|
| Coupon: | 10%
|
| Conversion price: | $0.06
|
| Warrants: | No
|
| Investor: | KF Business Ventures, LP
|
| Settlement date: | April 6
|
| Stock symbol: | OTC: MEME
|
| Stock price: | $0.03 at close May 11
|
| Market capitalization: | $1.2 million
|
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