12% promissory note due Nov. 25, 2014 was purchased by JSJ Investments
By Devika Patel
Knoxville, Tenn., June 4 - Boreal Water Collection, Inc. sold a $76,256 unsecured convertible promissory note to JSJ Investments, Inc. on June 2, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The deal priced May 25.
The 12% note is due Nov. 25, 2014. It may be redeemed at 150. The note converts to common stock at a conversion price equal to 55% of the three lowest trading prices during the 20 days preceding the conversion notice.
Based in Kiamesha Lake, N.Y., the company sells made-to-order, private-label bottled water.
| Issuer: | Boreal Water Collection, Inc.
|
| Issue: | Unsecured convertible promissory note
|
| Amount: | $76,256
|
| Maturity: | Nov. 25, 2014
|
| Coupon: | 12%
|
| Conversion price: 55% of three lowest trading prices during 20 days preceding conversion notice
|
| Call option: | At 150
|
| Warrants: | No
|
| Investor: | JSJ Investments, Inc.
|
| Pricing date: | May 25
|
| Settlement date: | June 2
|
| Stock symbol: | OTCBB: BRWC
|
| Stock price: | $0.01 at close May 23
|
| Market capitalization: | $4.34 million
|
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