Digital Locations, Inc. announced that it has received $0.0335 million in funding
January 07, 2021
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Digital Locations, Inc. (OTCPK:DLOC) announced a private placement of a convertible promissory note at a price for gross proceeds of up to $33,500 with an institutional investor on January 8, 2021. The lender, at its option after 180 days from the issuance of the note, may convert the unpaid principal balance of, and accrued interest on, the note into shares of the company's common stock at a 45% discount from the lowest trading price during the 20 consecutive trading days immediately prior to conversion. The company may prepay the note at any time beginning on the date of the issuance of the note until 180 days after the date of issuance of the note at a prepayment premium of 150%, after which the company has no right of prepayment. The notes matures on January 8, 2022. The company will paid $3,000 in legal fees and $500 in due diligence fees to the lender. The securities issued are exempt from registration pursuant to Section4(a)(2) and Rule 506(b) of Regulation D promulgated under the Securities Act of 1933.
Digital Locations, Inc. is engaged in the development of Satenna, a technology that delivers high-speed Internet from satellites directly to smartphones all over the world. Satenna enables device manufacturers, wireless carriers, and satellite operators to offer high-speed Internet service from satellites directly to smartphones, with no dead zones and no cell towers. Satenna feature a novel antenna solution that can dynamically and intelligently adjust for satellite positions, phase angle, beam forming, various satellite frequencies and user conditions, such as physical interference and obstructions. The Comapny's wholly owned subsidiary is SmallCellSite.com LLC.