Company sells 8% notes due April 19, 2013 to Asher Enterprises in deal
By Devika Patel
Knoxville, Tenn., July 26 - Paws Pet Co., Inc. settled a $27,500 private placement of 8% convertible notes with Asher Enterprises, Inc. on July 24, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The note matures April 19, 2013 and is convertible into common shares at 55% of the average of the two lowest closing bid prices of the stock during the 30 trading days preceding the conversion date.
The Delray Beach, Fla.-based company provides pet services including social media applications and airline transportations of pets.
| Issuer: | Paws Pet Co., Inc.
|
| Issue: | Convertible note
|
| Amount: | $27,500
|
| Maturity: | April 19, 2013
|
| Coupon: | 8%
|
| Conversion price: | 55% of the average of the two lowest closing bid prices of the stock during the 30 trading days preceding the conversion date
|
| Warrants: | No
|
| Investor: | Asher Enterprises, Inc.
|
| Settlement date: | July 24
|
| Stock symbol: | Pink Sheets: PAWS
|
| Stock price: | $0.02 at close July 23
|
| Market capitalization: | $1.29 million
|
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