12% note sold to JMJ Financial with a $25,000 original issue discount
By Devika Patel
Knoxville, Tenn., March 26 – Apptigo International Inc. sold a $250,000 two-year convertible promissory note to JMJ Financial with a $25,000 original issue discount for $225,000 on March 20, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The note is subject to a one-time interest charge of 12% but may be repaid within 120 days without interest. It is convertible into common shares at the lesser of $0.087 or 60% of the lowest trading price of the stock in the 25 trading days preceding conversion.
The investor funded $25,000 under the note at closing, and Apptigo plans to use the proceeds as general working capital, the filing noted.
Based in Miami Beach, Apptigo designs and markets mobile apps.
| Issuer: | Apptigo International Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $250,000
|
| Maturity: | Two years
|
| Price: | $225,000
|
| Coupon: | 12%
|
| Conversion price: | The lesser of $0.087 or 60% of the lowest trading price of the stock in the 25 trading days preceding conversion
|
| Call: | With no interest in the first 120 days
|
| Warrants: | No
|
| Investor: | JMJ Financial
|
| Settlement date: | March 20
|
| Stock symbol: | OTCBB: APPG
|
| Stock price: | $0.11 at close March 19
|
| Market capitalization: | $5.79 million
|
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