8% note due June 30, 2016 was bought by investor Vis Vires in offering
By Devika Patel
Knoxville, Tenn., Oct. 9 – United Cannabis Corp. sold a $59,000 8% convertible note to Vis Vires Group, Inc. on Oct. 6, according to an 8-K filed Friday with the Securities and Exchange Commission. The deal priced Sept. 24.
The note is convertible into common stock at 58% of the average of the three lowest closing bid prices during the 10 trading days preceding the conversion date. It matures on June 30, 2016.
Based in Denver, the private company offers medical cannabis products and services.
| Issuer: | United Cannabis Corp.
|
| Issue: | Convertible note
|
| Amount: | $59,000
|
| Maturity: | June 30, 2016
|
| Coupon: | 8%
|
| Conversion price: | 58% of the average of the three lowest closing bid prices during the 10 trading days preceding the conversion date
|
| Warrants: | No
|
| Investor: | Vis Vires Group, Inc.
|
| Pricing date: | Sept. 24
|
| Settlement date: | Oct. 6
|
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