Elite Data Services Inc. announced that it has received $0.21 million in funding from JSJ Investments Inc. and LG Capital Funding, LLC.
The 12% convertible note may be paid 135% of redemption premium until 90 days after the date of issuance, after 90 days to 120 days from the date of issuance, the company may pay 145% cash redemption premium, and after 120 days the company has a 145% cash redemption premium. The company announced that in case of default for 12% convertible note, the interest rate shall increase to 18% per annum. The 12% convertible note will be converted at fixed conversion price of 45% discount to the lowest trading price during the previous 20 days to the date of conversion notice. The company issued securities pursuant to exemption provided under Regulation D.