Minerco Inc (MINE)

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On November 1, 2012, the Company entered into a Securities Purchase Agreement and Convertible Promissory Note between the Company and Asher Enterprises for $19,250. The convertible note carries an 8% rate of interest and is convertible into common stock at a variable conversion price of 35% of the market price which shall be calculated as the average of the lowest market price during 120 day period prior to the conversion date. The Promissory Note is due on August 5, 2013.

Read more: http://www.faqs.org/sec-filings/121221/Minerco-Resources-Inc_10-Q/R13.htm#ixzz2PLFL1owT