$154,000 8% note due July 21, 2015 was sold to KBM Worldwide in deal
By Devika Patel
Knoxville, Tenn., Oct. 24 – CrowdGather, Inc. sold a $154,000 convertible promissory note to KBM Worldwide, Inc. on Oct. 22, according to an 8-K filed Friday with the Securities and Exchange Commission. The deal priced Oct. 20.
The 8% note is due on July 21, 2015 and is convertible into common shares at a 39% discount.
KBM was paid $4,000 in legal fees, for total proceeds of $150,000 to the company.
CrowdGather is a Woodland Hills, Calif.-based internet company that specializes in developing and hosting forum-based websites.
| Issuer: | CrowdGather, Inc.
|
| Issue: | Convertible promissory note
|
| Amount: | $154,000
|
| Maturity: | July 21, 2015
|
| Coupon: | 8%
|
| Price: | $150,000
|
| Conversion price: | 39% discount
|
| Call: | At 110 to 135
|
| Warrants: | No
|
| Investor: | KBM Worldwide, Inc.
|
| Fees: | $4,000
|
| Pricing date: | Oct. 20
|
| Settlement date: | Oct. 22
|
| Stock symbol: | OTCBB: CRWG
|
| Stock price: | $0.11 at close Oct. 17
|
| Market capitalization: | $12.85 million
|
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