$CRWG CALABASAS, CA--(Marketwired - Jun 9, 2016) -
Post# of 24892
Posted On: 06/10/2016 11:00:32 AM
$CRWG CALABASAS, CA--(Marketwired - Jun 9, 2016) - CrowdGather, Inc. (OTCQB: CRWG) --
Funding follows recent sale of Plaor gaming subsidiary for $3.5M; 43% reduction in corporate debt; and fixed price conversion of remaining convertible debt
Company seeks to 'gather the crowd' online through cannabis forums and offline through cannabis coworking spaces
Specialty Cannabis and consumer publishing network, CrowdGather, Inc. (OTCQB: CRWG), today announced a corporate restructuring including an initial closing of $125,000 in convertible debt financing following upon the recent sale of CrowdGather's gaming subsidiary, Plaor, Inc, as well as an agreement with the Company's creditor, Iconic Holdings, for a negotiated conversion at a fixed price of $0.01 per share. The investment round is anticipated to not exceed $500,000 of which up to $350,000 will be cash and $150,000 will be conversions of outstanding debt owed to the company's officers and directors for loans and financial considerations they provided the company with. The funds will be converted into equity at $0.01 per share within 90 days from funding, or earlier if Iconic converts its final outstanding balance into equity prior to the 90-day window. In addition to converting their debt into equity at $0.01 per share, investors will also receive 50% warrant coverage at $0.03 per share. CrowdGather intends to use the funds to grow its cannabis publishing network and also to enter the burgeoning space for cannabis coworking office space.
https://finance.yahoo.com/news/crowdgather-an...00859.html
Funding follows recent sale of Plaor gaming subsidiary for $3.5M; 43% reduction in corporate debt; and fixed price conversion of remaining convertible debt
Company seeks to 'gather the crowd' online through cannabis forums and offline through cannabis coworking spaces
Specialty Cannabis and consumer publishing network, CrowdGather, Inc. (OTCQB: CRWG), today announced a corporate restructuring including an initial closing of $125,000 in convertible debt financing following upon the recent sale of CrowdGather's gaming subsidiary, Plaor, Inc, as well as an agreement with the Company's creditor, Iconic Holdings, for a negotiated conversion at a fixed price of $0.01 per share. The investment round is anticipated to not exceed $500,000 of which up to $350,000 will be cash and $150,000 will be conversions of outstanding debt owed to the company's officers and directors for loans and financial considerations they provided the company with. The funds will be converted into equity at $0.01 per share within 90 days from funding, or earlier if Iconic converts its final outstanding balance into equity prior to the 90-day window. In addition to converting their debt into equity at $0.01 per share, investors will also receive 50% warrant coverage at $0.03 per share. CrowdGather intends to use the funds to grow its cannabis publishing network and also to enter the burgeoning space for cannabis coworking office space.
https://finance.yahoo.com/news/crowdgather-an...00859.html
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