IFAN Financial Inc (IFAN)

[Baxy]

Today is the conversion date

It's from this link....found it when I googled their company address

https://www.lawinsider.com/contracts/2ioczzqP66PnnHT37rUP8Y/ifan-financial-inc/1538123/2016-10-28

They have a debt coming due, which from what I believe is to be paid via shares...the lower the share price, means the more shares they will get, and higher possibility for gain as more likely for price increase.

I have basically extracted these sections:


All speculation and just my entertaining opinion Then maybe news comes out after the conversion followed by price increase?



THIS 8% CONVERTIBLE PROMISSORY NOTE is a duly authorized and validly issued convertible note of IFAN Financial, Inc., a Nevada corporation, (the “Company”), having its principal place of business at 3517 Camino Del Rio South, Suite 407, San Diego, CA 92108, and such convertible note is due April 27, 2017 (the “Note”).



FOR VALUE RECEIVED, the Company promises to pay to Old Main Capital, LLC, or its registered assigns (the “Holder”), or shall have paid pursuant to the terms hereunder, the principal sum of $300,000 (the “Principal Amount”) on April 27, 2017 (the “Maturity Date”) or such earlier date as this Note is required or permitted to be repaid as provided hereunder, and to pay interest to the Holder on the aggregate unconverted and then outstanding principal amount of this Note in accordance with the provisions hereof. Holder and Company have entered into that certain $10,000,000 equity line term sheet dated April 21, 2016 (“Term Sheet”), attached hereto as Exhibit A. Pursuant to the Term Sheet, the Company is issuing this Note as a commitment fee to the Holder. This Note is also subject to the following additional provisions:



a) Payment of Interest in Cash or Kind. The Company shall pay interest to the Holder on the aggregate unconverted and then outstanding principal amount of this Note at the rate of 8% per annum, which half of the base interest amount shall be guaranteed and the total amount of interest due on the Note for a period of six (6) months shall be deemed earned as of the Original Issue Date. All interest payments hereunder will be payable in cash, or subject to the Equity Conditions, in cash or common stock in the Company’s discretion. Accrued and unpaid interest shall be due on payable on each Conversion Date and on the Maturity Date, or as otherwise set forth herein. Notwithstanding anything to the contrary contained herein, the Company





b) Conversion Price. If the requisite conditions identified in Section 4(a) of this Note are triggered, then the conversion price in effect on any Conversion Date shall be equal to the lesser of the (i) Fixed Conversion Price or (ii) Alternate Conversion Price. All such determinations will be appropriately adjusted for any stock dividend, stock split, stock combination, reclassification or similar transaction that proportionately decreases or increases the Common Stock during such measuring period. Nothing herein shall limit a Holder’s right to pursue actual damages or declare an Event of Default pursuant to Section 6 hereof and the Holder shall have the right to pursue all remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief. The exercise of any such rights shall not prohibit the Holder from seeking to enforce damages pursuant to any other Section hereof or under applicable law.



c) Mechanics of Conversion.



i. Conversion Shares Issuable Upon Conversion of Principal Amount. The number of Conversion Shares issuable upon a conversion elected by the Company pursuant to the terms of this Note shall be determined by the quotient obtained by dividing (x) the outstanding principal amount of this Note to be converted and any accrued and unpaid interest to be converted by (y) the applicable conversion price, depending upon which is in effect at that time.