Deal funds general working capital; notes will mature on various dates
By Devika Patel
Knoxville, Tenn., Jan. 11 - Skinvisible, Inc. sold $1 million of convertible promissory notes between Sept. 14 and Dec. 31, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The 9% notes are due at various times from Sept. 14, 2014 to Dec. 13, 2014 and may be converted into common shares at 90% of the average trading prices of the stock during the five trading days preceding the conversion date.
Proceeds will be used for general working capital purposes.
Skinvisible is a Las Vegas research and development company that has formulated and patented innovative polymer delivery system technology and compositions for topical skin applications.
| Issuer: | Skinvisible, Inc.
|
| Issue: | Convertible promissory notes
|
| Amount: | $1 million
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| Maturity: | Various times from Sept. 14, 2014 to Dec. 13, 2014
|
| Coupon: | 9%
|
| Conversion price: | 90% of the average trading prices of the stock during the five trading days preceding the conversion date
|
| Warrants: | No
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| Settlement date: | Sept. 14 through Dec. 31
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| Stock symbol: | OTCBB: SKVI
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| Stock price: | $0.03 at close Sept. 13
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| Market capitalization: | $3.7 million
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