8% unsecured note due June 16, 2013 sold to Asher Enterprises in deal
By Devika Patel
Knoxville, Tenn., Oct. 31 - South American Gold Corp. sold a $27,500 convertible unsecured promissory note to Asher Enterprises, Inc. on Oct. 24, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The 8% note is due June 16, 2013 and may be converted to common stock at 58% of the market price of the stock during the 10 trading days prior to the conversion notice. The company may prepay the note with a prepayment penalty of 140 to 150.
Proceeds will be used to meet short-term obligations and work requirements for the Baltimore Mine Project.
The gold explorer is based in Richmond, Ind.
| Issuer: | South American Gold Corp.
|
| Issue: | Convertible unsecured promissory note
|
| Amount: | $27,500
|
| Maturity: | June 16, 2013
|
| Coupon: | 8%
|
| Conversion price: | 58% of market price during the 10 trading days prior to conversion notice
|
| Call: | Yes
|
| Warrants: | No
|
| Investor: | Asher Enterprises, Inc.
|
| Settlement date: | Oct. 24
|
| Stock symbol: | OTCBB: SAGD
|
| Market capitalization: | $428,210
|
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