Looks like a classic floorless:
biz.yahoo.com
RANCHO SANTA MARGARITA, Calif., July 6 /PRNewswire/ -- Trinity Medical Group
USA, Inc. (OTC Bulletin Board: TMGU - news) announces that on June 22, 2001, a
$500,000 convertible promissory note, and the related accrued interest, were converted into
the Company's common stock. On June 29, 2001, Trinity USA raised an additional
$500,000 with the same institutional investor, RoyCap Inc., through the issuance of a
convertible promissory note. The note bears interest at 8% and has a term of one year. The
note is convertible at a conversion price equal to the lesser of $4.00 or 80% of the average
closing bid price of the common stock for the ten consecutive trading days preceding the
conversion date. The note is convertible at the option of Trinity USA upon certain events. On
the date of conversion, Trinity USA will issue to RoyCap Inc. a warrant to purchase the
number of shares of Trinity USA's common stock equal to aggregate the number of shares of
common stock issued upon conversion of this note. The warrant will have an exercise price
equal to $4.00 per share and have a term of five years from its date of issuance. |
