Convertible redeemable notes due May 19, 2017 sold to single investor
By Devika Patel
Knoxville, Tenn., May 20 – Chess Supersite Corp. sold a $75,000 8% convertible redeemable note to an investor on May 19, according to an 8-K filed Friday with the Securities and Exchange Commission.
The note is due May 19, 2017 and is convertible into common shares at a conversion price equal to 52% of the lowest closing bid price of the stock during the 20 trading days preceding conversion.
Proceeds will be used for general working capital purposes.
The Toronto company runs an online chess site.
| Issuer: | Chess Supersite Corp.
|
| Issue: | Convertible redeemable note
|
| Amount: | $75,000
|
| Maturity: | May 19, 2017
|
| Coupon: | 8%
|
| Conversion price: | 52% of the lowest closing bid price of the stock during the 20 trading days preceding conversion
|
| Call: | Yes
|
| Warrants: | No
|
| Announcement date: | May 20
|
| Settlement date: | May 19
|
| Stock symbol: | OTCBB: CHZP
|
| Stock price: | $0.68 at close May 19
|
| Market capitalization: | $15.09 million
|
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