BANJ Close at high of day .0485 +130%. All convertible debt paid off as of today.Press Release: Banjo & Matilda Repays Convertible Notes And Provides Information On Recent Share Price Movements
9:00a ET February 27, 2015 (Dow Jones) Print
Press Release: Banjo & Matilda Repays Convertible Notes And Provides Information On Recent Share Price Movements
Banjo & Matilda Repays Convertible Notes And Provides Information On Recent Share Price Movements
PR Newswire
LOS ANGELES, Feb. 27, 2015
LOS ANGELES, Feb. 27, 2015 /PRNewswire/ -- Banjo & Matilda, Inc. (OTCQB: BANJ) ("Banjo & Matilda" or the "Company"), an Australian premium lifestyle brand, best know for its contemporary women's cashmere, provides additional information regarding the recent negative share price movement, the repayment of convertible notes, and additional investment by key shareholders.
PRICE MOVEMENTS
Since July 2014 the company's share price has declined from a high of $0.36 to the most recent closing price of $0.016. The company believes the primary reason for this decline is due to the recent exercise of the convertible note investments, made by KBM Worldwide in May and June 2014, for shares in the company and subsequent sale of these securities on market. There were two convertible notes each of $82,500. The key terms of these notes which were previously disclosed were: 6 month repayment term, exercise price of 35% discount to market if not repaid within the term, and no floor to the exercise price. The company believes these two factors have helped push the share price downward from its recent high of $0.36.
The KBM Worldwide convertible notes were due to be paid in December of 2014, and January of 2015. The company did not have the funds available to repay these, which has resulted in an exercise of the Notes and subsequent sale of the ordinary shares on market.
KBM CONVERTIBLE NOTE REPAYMENT
As at February 27, 2015 all convertible notes have been repaid and therefore removed further selling by KBM Worldwide of ordinary shares.
About Banjo & Matilda
Banjo & Matilda, Inc., Banjo & Matilda is an Australian premium lifestyle brand, known for its contemporary women's cashmere. Inspired by the iconic Bondi Beach surroundings of its creative studios, Banjo & Matilda launched its first knitwear collection in 2008. Big on quality, small on pretence, and known globally for their fun statement sweaters and luxury cashmere basics, Banjo & Matilda is discreetly luxurious, yet able to capture the essence of beach culture in a range of apparel made with supreme quality and integrity. The brand has a rapidly growing loyal global following, is quickly being stocked in major and specialty retailers around the world, and is sold through its online store banjoandmatilda.com.
Additional information about Banjo & Matilda can be found at the Company's corporate website: www.banjoandmatildainvestors.com.
