Asher Enterprises purchases nine-month convertible note
By Devika Patel
Knoxville, Tenn., July 1 - FONU2 Inc. sold a $53,000 convertible note to Asher Enterprises, Inc. on June 25, according to an 8-K filed Monday with the Securities and Exchange Commission.
The 8% note is due March 14, 2014 and may be converted into common shares at 58% of the average of the lowest three trading prices for the stock during the 10-trading-day period ending on the trading day before the conversion date.
FONU2 is a technology company based in Fort Lauderdale, Fla.
| Issuer: | FONU2 Inc.
|
| Issue: | Convertible note
|
| Amount: | $53,000
|
| Maturity: | March 14, 2014
|
| Coupon: | 8%
|
| Conversion price: | 58% of the average of the lowest three trading prices for the stock during the 10-trading-day period ending on the trading day before the conversion date
|
| Warrants: | No
|
| Investor: | Asher Enterprises, Inc.
|
| Settlement date: | June 25
|
| Stock symbol: | OTCBB: FONU
|
| Stock price: | $0.02 at close June 24
|
| Market capitalization: | $1.03 million
|
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