From the 8K dated 11/18/16: On October 18, 2016
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Posted On: 05/04/2017 11:51:52 AM
Re: All Aboard #24827
From the 8K dated 11/18/16:
On October 18, 2016, the Company entered into two $500,000 0% convertible promissory notes (the “Convertible Notes”) for advisory services each of which are due and payable on October, 182017. The Notes will be converted on April 18, 2017 ( the “Conversion Date”) into the Company’s common stock (the “Shares”) in the amount of a) US$500,000 (“Principal Amount"
using the fixed price per share of $0.025/share (the “Conversion Price”) to determine the number of shares to be delivered.
But from the last pr dated 2/17/17:
In consideration for Restructuring Services provided by BMI, Amarantus has issued a 0% convertible promissory note with an aggregate value of US$500,000 (the "Convertible Note". The Convertible Note may be converted into shares in Amarantus at a conversion price of US$0.025 per share on or within 12 months from the date of issuance i.e. 18 October 2016 subject to five (5) days prior written notice to Amarantus. If the Convertible Note is not converted into shares in Amarantus on or before 17 October 2017, the Convertible Note shall be converted into shares in Amarantus on 18 October 2017 at a conversion price of US$0.025 per share.
So not sure why the discrepancy? Ether way, these notes were meant as insurance to BMI and Dominick that in the event the note holders didn't agree to the terms of a deal, they would still get compensated in the form of the shares. In a normal deal, a company hires an investment banking firm with an understanding of what acceptable terms are, the bankers get a small retainer and then are paid at the closing out of the proceeds. But in this case it all depended on having the note holders approval which is outside AMBS' control, so the notes were insurance that the bankers would be paid even if the note holders didn't agree to a deal. So hopefully the notes are paid off from the funding proceeds and not converted at all. but then again they may just be waiting until after the restructuring is complete.
On October 18, 2016, the Company entered into two $500,000 0% convertible promissory notes (the “Convertible Notes”) for advisory services each of which are due and payable on October, 182017. The Notes will be converted on April 18, 2017 ( the “Conversion Date”) into the Company’s common stock (the “Shares”) in the amount of a) US$500,000 (“Principal Amount"
using the fixed price per share of $0.025/share (the “Conversion Price”) to determine the number of shares to be delivered. But from the last pr dated 2/17/17:
In consideration for Restructuring Services provided by BMI, Amarantus has issued a 0% convertible promissory note with an aggregate value of US$500,000 (the "Convertible Note"
. The Convertible Note may be converted into shares in Amarantus at a conversion price of US$0.025 per share on or within 12 months from the date of issuance i.e. 18 October 2016 subject to five (5) days prior written notice to Amarantus. If the Convertible Note is not converted into shares in Amarantus on or before 17 October 2017, the Convertible Note shall be converted into shares in Amarantus on 18 October 2017 at a conversion price of US$0.025 per share. So not sure why the discrepancy? Ether way, these notes were meant as insurance to BMI and Dominick that in the event the note holders didn't agree to the terms of a deal, they would still get compensated in the form of the shares. In a normal deal, a company hires an investment banking firm with an understanding of what acceptable terms are, the bankers get a small retainer and then are paid at the closing out of the proceeds. But in this case it all depended on having the note holders approval which is outside AMBS' control, so the notes were insurance that the bankers would be paid even if the note holders didn't agree to a deal. So hopefully the notes are paid off from the funding proceeds and not converted at all. but then again they may just be waiting until after the restructuring is complete.
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