Artfest International, Inc (fka ARTS)

[Cooky]

Posted by: Cooky Member Level Date: Monday, August 23, 2010 6:15:51 PM
In reply to: None Post # of 24704 Send a link via email Share on Facebook Tweet this post
On August 1, 2010, the Company entered into a ten (10) year Sublease Agreement and leased its new studio and production facilities located at 13300 Branch View Lane in Dallas, TX. Concurrently, the Company executed and issued to the Lessor a convertible promissory note in the amount of $272,396 in order to cover the first six (6) months of rent, the security deposit, and to allow for a budget for leasehold improvements. The convertible promissory note is made payable six months from the date of issue and bearing an interest rate of 10% per annum. On or before the maturity date, upon written notice to the Company, the Lessor may elect to convert the principal amount of this Note into Common shares at a conversion price determined and pursuant to the average trading volume of the Company’s shares at the time of conversion.