Wisdom Homes sells $70,000 of convertibles through private placements

8% convertible notes sold to investors GW and Adar Bays in offerings

By Devika Patel

Knoxville, Tenn., June 23 – Wisdom Homes of America, Inc. sold a $30,000 8% convertible note to GW Holdings Group, LLC on June 19 and a $40,000 8% convertible note to Adar Bays, LLC on June 22, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The GW deal priced June 17 and the Adar deal priced on June 18.

The notes are convertible into common stock at 58% of the lowest trading price of the stock during the 10 trading days preceding the conversion, with a floor of $0.0001 per share.

The GW note matures on June 17, 2016 and may be prepaid at prices ranging from 125 to 145.

The Adar note matures on June 18, 2016 and may be prepaid at prices ranging from 120 to 140.

Wisdom Homes is a manufactured housing retail center owner and operator based in Tyler, Texas.

Issuer:	Wisdom Homes of America, Inc.
Issue:	Convertible notes
Amount:	$70,000
Coupon:	8%
Conversion price:	58% of the lowest trading price of the stock during the 10 trading days preceding the conversion, floor of $0.0001 per share
Warrants:	No
Stock symbol:	OTCBB: WOFA
Stock price:	$0.03 at close June 16, June 17
Market capitalization:	$1.89 million
GW note
Amount:	$30,000
Maturity:	June 17, 2016
Call:	Yes, ranging from 125 to 145
Warrants:	No
Investor:	GW Holdings Group, LLC
Pricing date:	June 17
Settlement date:	June 19
Adar note
Amount:	$40,000
Maturity:	June 18, 2016
Call:	Yes, ranging from 120 to 140
Warrants:	No
Investor:	Adar Bays, LLC
Pricing date:	June 18
Settlement date:	June 22

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.