8 Mar 2018capital raising announcement▼ BadMajor
On January 22, 2018 the company agreed with Adar Bays to sell seven convertible notes totaling $300,000 at 8% interest, all maturing January 22, 2019. The first note is $75,000, funded that day less $3,750 in legal fees, and six further $37,500 notes are to be funded monthly from August 22, 2018, each less $2,000 in legal fees. The notes convert after 180 days at 50% of the lowest closing bid price over a 20-day period (40% if a DTC 'chill' applies), so conversions could dilute shareholders heavily. The terms include default interest of 24% and other penalties. The text is cut off, and the filing's Item 4.01 reference is not covered in the text shown.