8% convertible promissory note sold to KBM Worldwide through offering
By Devika Patel
Knoxville, Tenn., Dec. 9 – Coates International, Ltd. sold a $52,500 8% convertible promissory note to KBM Worldwide, Inc. on Dec. 5, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The deal priced on Dec. 3.
The note is due in September 2015 and is convertible into common stock at 61% of the average of the three lowest closing bid prices of the stock during the 10 trading-day period preceding the date of conversion. The note may be prepaid at prices ranging from 130 to 150.
Coates, based in Wall Township, N.J., develops spherical rotary valve systems used in piston-driven internal combustion engines.
| Issuer: | Coates International, Ltd.
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| Issue: | Convertible promissory note
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| Amount: | $52,500
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| Maturity: | September 2015
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| Coupon: | 8%
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| Conversion price: | 61% of the average of the three lowest closing bid prices of the stock during the 10 trading-day period preceding the date of conversion
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| Call: | Yes, at 130 to 150
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| Warrants: | No
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| Investor: | KBM Worldwide, Inc.
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| Pricing date: | Dec. 3
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| Settlement date: | Dec. 3
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| Stock symbol: | OTCBB: COTE
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| Stock price: | $0.02 at close Dec. 2
|
| Market capitalization: | $7.51 million
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