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Thursday, May 25, 2017 3:16:22 PM
Convertible Redeemable note issued on May 19, 2016, amounting to $75,000 (Note A).
The key terms/features of the convertible note are as follows:
1. The maturity date of the Note is May 19, 2017.
2. Interest on the unpaid principal balance of this Note shall accrue at the rate of 8 % per annum.
3. In the event the Note holder exercises the right of conversion, the conversion price will be equal to 52% of the lowest closing bid price of the Company’s common stock for the twenty (20) trading days prior to the date of conversion.
4. Conversion is limited to the holder beneficially holding not more than 4.99% of the Company’s then issued and outstanding common stock after the conversion.
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