WeedHire International, Inc. announced that it expects to receive $0.05 million in funding from Coventry Enterprises, LLC.
November 11, 2014 at 11:00 pm EST
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WeedHire International, Inc. (OTCPK:WDHR) announced the signing of a securities purchase agreement for private placement of 1 convertible promissory note 1 at $50,000 price per note for gross proceeds of $50,000 on November 12, 2014. The securities will be issued pursyant to Regulation D of the securities act. Note carry an interest payment of 8% per annum; and will mature on November 12, 2015. Note will get converted into common stock of the company at a conversion price equal to the greater of 50% multiplied by the lowest trading price of the common stock on the relevant market for the 15 prior trading days, including the date on the applicable notice of conversion or $0.00009 per share. If the company is unable to repay the notes by the maturity sate, then the total outstanding principal at that time will increase by 10%. All amounts due under the notes become immediately due and payable at coventry's sole discretion upon the occurrence of an event of default, including the failure to pay any amount due under the notes, if the representations or warranties in the notes are false or misleading in any material respect, our failure to perform material obligations under the notes, our insolvency, our appointment of a trustee or liquidator for a substantial part of our business, a judgment against the company in excess of $50,000, our failure to deliver shares of common stock to coventry within 3 business days of our receipt of the applicable notice of conversion, failure to remain current in our reporting obligations under the securities exchange act of 1934, and the removal of our common stock from quotation on the OTC Bulletin Board or similar over the counter quotation service.
In the event that we are subject to a DTC Chill, the notes conversion price during the time that the DTC Chill is in effect, will be equal to the greater of 40% multiplied by the lowest trading price of the common stock on the relevant market for the 15 prior trading days, including the date on the applicable notice of conversion or $0.00009 per share. The company incurred $2,500 in legal fees.
WeedHire International, Inc., formerly AnythingIT, Inc., is a provider of green technology solutions, managing the equipment disposition needs of the Federal government and commercial clients by buying, reselling or recycling computers and other technology hardware. The Company offers Weedhire.com (WeedHire), which is a career Website focusing employment within the legal cannabis industry. It is involved in information technology (IT) asset management and disposition services business. WeedHire.com provides job postings for cannabis related employment, such as physician's assistants, growers, dispensary operators, security guards, dispensary administrators, solar panel specialist, delivery drivers, lawyers and insurance agents. It also engages in logistics, inventory management and data destruction services; sale of used equipment, and sale to companies specializing in removing recyclable or remarketable parts of electronics from equipment that no longer has usable life.