Petrone Worldwide, Inc. announced that it has received $0.034 million in funding
November 18, 2016
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Petrone Worldwide, Inc. (OTCPK:PFWI) announced a private placement of convertible promissory notes for gross proceeds of $340,000 on November 18, 2016. The notes have the principal amount of $400,000 and will be issued at a discount of 15%. The notes will carry a fixed interest rate of 6% per annum. The notes will carry an interest rate of 22% per annum in the case of default. The notes will be convertible into common shares, at a conversion price per share equal to 55% of the lowest traded price of the common stock for 20 trading days immediately preceding the date of the date of conversion, upon the terms and subject to the conditions of the notes. The company may prepay any amount outstanding under the notes, during the initial 90 day period after the issuance, by making a payment to the holder of an amount in cash equal to 135% multiplied the amount that the company is prepaying, subject to the holder’s prior written acceptance in holder’s sole discretion. The company may prepay any amount outstanding under the notes, during the 91st to 180th day period after the issuance, by making a payment to the holder of an amount in cash equal to 150% multiplied the amount that the company is prepaying, subject to the holder’s prior written acceptance in holder’s sole discretion. The company may not prepay any amount outstanding under the notes after the 180th day after the issuance. The company will also issue 450,000 shares in this transaction. The company has signed the securities purchase agreement with an accredited investor. The company will issue securities pursuant to exemption provided under Regulation D.
On the same day, the company closed the transaction and received $34,000, and it intended to receive $340,000 from the transaction.
Petrone Worldwide, Inc. (Petrone Worldwide) is an importer and distributor of commercial grade tableware products, decorative hotel guest room amenities, lavatory and bathroom fixtures and furniture, food and beverage service items, and trendy accessories for the Asian and the European marketplaces. The Company's brands include Front of the House and Room 360. Petrone Worldwide sells and markets products under its own name and acts as a distributor primarily to companies to the hospitality trade. The Company's product lines consist of hotel groups, such as Marriott Hotel Brands, The Four Seasons Hotel & Resorts, Hilton Worldwide, Hyatt Hotels & Resorts, Starwood Hotel & Resorts, and Fairmont Hotel & Resorts, and smaller hotel chains and upscale restaurants. The Company sells product lines, such as front of the house collection and room360 degree back of the house collection.