8% one-year notes sold with three-year warrants for 433,333 shares
By Devika Patel
Knoxville, Tenn., Nov. 7 – GreenPlex Services, Inc. sold $130,000 of convertible promissory notes to three investors on Nov. 4, according to an 8-K filed Friday with the Securities and Exchange Commission.
The 8% note is due in one year and is convertible into common shares at $0.15 per share.
Investors also received warrants for 433,333 common shares. The three-year warrants are exercisable at $0.60, which is a 140% premium to the Nov. 6 closing share price of $0.25. The conversion price is a 40% discount to that price.
GreenPlex provides landscape and exterior property management services and is based in Spokane, Wash.
| Issuer: | GreenPlex Services, Inc.
|
| Issue: | Convertible promissory notes
|
| Amount: | $130,000
|
| Maturity: | One year
|
| Coupon: | 8%
|
| Conversion price: | $0.15
|
| Warrants: | For 433,333 shares
|
| Warrant expiration: | Three years
|
| Warrant strike price: | $0.60
|
| Announcement date: | Nov. 7
|
| Settlement date: | Nov. 4
|
| Stock symbol: | OTCBB: GRPX
|
| Stock price: | $0.25 at close Nov. 6
|
| Market capitalization: | $9.01 million
|
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