Offering funds working capital, corporate purposes and debt repayment
By Devika Patel
Knoxville, Tenn., Feb. 17 – Intellinetics, Inc. completed a $100,000 private placement of two 6% convertible promissory notes of $50,000 each on Feb. 10, according to an 8-K filed Monday with the Securities and Exchange Commission.
The note is due on Dec. 31, 2015 and is convertible into common stock at $0.30 per share, which is a 21.05% discount to the Feb. 9 closing share price of $0.38.
Proceeds will be used for working capital, general corporate purposes and debt repayment.
The software and technology company is based in Columbus, Ohio.
| Issuer: | Intellinetics, Inc.
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| Issue: | Convertible promissory notes
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| Amount: | $100,000
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| Maturity: | Dec. 31, 2015
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| Coupon: | 6%
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| Conversion price: | $0.30
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| Warrants: | No
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| Settlement date: | Feb. 10
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| Stock symbol: | OTCBB: INLX
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| Stock price: | $0.38 at close Feb. 9
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| Market capitalization: | $3.06 million
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