ENTEST BIOMEDICAL, INC.
On April 16, 2012, the Company issued a convertible note in the principal amount of $42,500 to Asher Enterprises Inc.The Note bears interest at the rate of 8% per annum and matures on January 18, 2013.
The Note is convertible any time during the period beginning on the date which is one hundred eighty (180) days following the date of the Note into common stock of the Company, at Asher’s option, at a 52% discount to the average of the three lowest closing bid prices of the common stock during the 10 Trading Day period prior to conversion as Trading Day is defined in the Note.