$CRWG huge close, check out the 8k! On April 15, 2
Post# of 72741
Posted On: 04/20/2016 9:15:09 AM
$CRWG huge close, check out the 8k! On April 15, 2016, Crowdgather and a lender, Iconic Holdings, agreed to an Amendment and Extension Agreement for the outstanding Note to Iconic, from Crowdgather, dated Sept 21, 2015, whereby the parties agreed as to several important amended provisions:
The conversion price as referenced in the Note and any other documents related thereto, is hereby amended to have a fixed price, non adjustable, except in the event of default hereunder, and under the note and the related transaction documents, and the first Amendment and Extension Agreement of March 18, 2016, such fixed conversion price being at $.01 per share, except that if the Crowdgather stock closes below $.01 for three consecutive trading days, Iconic can put the Note to Crowdgather requiring Crowdgather to pay Iconic the balance due, including interest, within 30 days, plus a premium of 20% thereupon. An Additional amendment to Note provisions is at any time prior to conversion of any remaining portion of the Iconic Note, Crowdgather may offer cash to Iconic for the outstanding balance due plus a 20% premium on such balance, and Iconic shall thereupon accept the offered payment or convert the balance to common stock at $.01 per share within 72 hours by written notice to Crowdgather.
Crowdgather, Inc. shall continue to bar any other conversions of its debt to common stock during the term of the Note, except Sanjay Sabani may convert his note for $240,000 to restricted common stock at $.01 per share in an equity financing round not to exceed $1,000,000 in the aggregate, including the conversion of certain receivables. Such conversions will not be able to trade under Rule 144 for 6 months after the date of issue.
https://biz.yahoo.com/e/160420/crwg8-k.html
The conversion price as referenced in the Note and any other documents related thereto, is hereby amended to have a fixed price, non adjustable, except in the event of default hereunder, and under the note and the related transaction documents, and the first Amendment and Extension Agreement of March 18, 2016, such fixed conversion price being at $.01 per share, except that if the Crowdgather stock closes below $.01 for three consecutive trading days, Iconic can put the Note to Crowdgather requiring Crowdgather to pay Iconic the balance due, including interest, within 30 days, plus a premium of 20% thereupon. An Additional amendment to Note provisions is at any time prior to conversion of any remaining portion of the Iconic Note, Crowdgather may offer cash to Iconic for the outstanding balance due plus a 20% premium on such balance, and Iconic shall thereupon accept the offered payment or convert the balance to common stock at $.01 per share within 72 hours by written notice to Crowdgather.
Crowdgather, Inc. shall continue to bar any other conversions of its debt to common stock during the term of the Note, except Sanjay Sabani may convert his note for $240,000 to restricted common stock at $.01 per share in an equity financing round not to exceed $1,000,000 in the aggregate, including the conversion of certain receivables. Such conversions will not be able to trade under Rule 144 for 6 months after the date of issue.
https://biz.yahoo.com/e/160420/crwg8-k.html
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