Re: Stock Price...Elysium note...
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Message: Rescue plan?
skeedad...here is the gist of the transaction...as far as I know the $250 financing mentioned has yet to be completed, so payments are not written in stone as to specific due dates....yet!
>>>The promissory note is payable by US Biodefense in 12 monthly installments of $125,000 beginning 30 days after it closes a financing of at least $250,000. The entire principal amount is due to us no later than January 3, 2010. If US Biodefense misses a payment on the note, and such payment is not made within 7 business days, it will be in default under the note and upon receipt of our notice of default, it will have 7 business days to cure such default. In the event that the default is not cured within the prescribed time period, a default simple interest rate of 15% per annum will be applied to any amounts under the note for which payment has not been made.
In addition, upon our providing US Biodefense with a notice of default, we will have the right to convert the defaulted payments on the note into shares of US Biodefense common stock at a conversion rate of 70% of the closing price of our common stock, as reported on the Over-the-Counter Bulletin Board, or OTCBB, for the 5 trading days prior to its receipt of a conversion notice. We may also convert up to 15% of the outstanding balance of the note into shares of US Biodefense common stock any time after 90 days from the issuance date of the note at a conversion rate of 85% of the closing price of its common stock, as reported on the OTCBB, for the 5 trading days prior to the receipt of a conversion notice. <<<
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