Company sells 10% 18-month notes convertible at $1.00 per share
By Marisa Wong
Morgantown, W.Va., Aug. 27 – Legacy Ventures International, Inc. issued four 10% convertible promissory notes totaling $180,000 on Aug. 21, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The notes include a $50,000 note issued to Equipment Revolution Ltd, a $50,000 note to AGA Dry Solutions, Inc., a $50,000 note to 1315325 Ontario Ltd. and a $30,000 note to Franca Attomare.
The notes have a coupon of 10% and mature on Feb. 21, 2017.
The notes are convertible into common stock at $1.00 per share. The conversion price reflects a 45.9% discount to the July 23 closing share price of $1.85.
Legacy Ventures is a development-stage real estate management firm based in Mississauga, Ont.
| Issuer: | Legacy Ventures International, Inc.
|
| Issue: | Convertible promissory notes
|
| Amount: | $180,000
|
| Maturity: | Feb. 21, 2017
|
| Coupon: | 10%
|
| Conversion price: | $10.00 per unit
|
| Warrants: | No
|
| Investors: | Equipment Revolution Ltd. ($50,000), AGA Dry Solutions, Inc. ($50,000), 1315325 Ontario Ltd. ($50,000) and Franca Attomare ($30,000)
|
| Settlement date: | Aug. 21
|
| Stock symbol: | OTCBB: LGYV
|
| Stock price: | $1.85 at close July 23
|
| Market capitalization: | $13.69 million
|
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