Lot78, Inc. announced that it has received $0.10 million in funding.
September 09, 2013 at 09:30 am IST
Lot78, Inc. (OTCPK:LOTE) announced a private placement of a unsecured senior convertible promissory note 2016 at a price of $100,000 for gross proceeds of $100,000 on September 9, 2013. The transaction will include participation from Monument Assets & Resources Company Ltd, a Nigeria based entity. The note carries a coupon of 10% per annum and would mature on September 1, 2016. The note is convertible into shares of common stock of the company at a conversion price of $0.125 per share. The interest payments of the note will be due and payable semi-annually.
On September 9, 2013, Lot78, Inc. closed the transaction.