20% six-month convertible promissory note sold with 300,000 shares
By Devika Patel
Knoxville, Tenn., April 2 - Searchcore Inc. sold a $100,000 20% convertible promissory note with 300,000 common shares on March 28, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The six-month note is convertible into common stock at $0.08 per share, a 14.29% premium to the March 27 closing share price of $0.07.
The technology service provider is based in Lake Forest, Calif.
| Issuer: | Searchcore Inc.
|
| Issue: | Convertible promissory note, 300,000 common shares
|
| Amount: | $100,000
|
| Maturity: | Six months
|
| Coupon: | 20%
|
| Conversion price: | $0.08
|
| Conversion premium: | 14.29%
|
| Warrants: | No
|
| Settlement date: | March 28
|
| Stock symbol: | OTCBB: SRER
|
| Stock price: | $0.07 at close March 27
|
| Market capitalization: | $2.52 million
|
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