AnythingIT, Inc. announced that it has received $0.23 million in funding from Vista Capital Investments, LLC.
October 17, 2014 at 05:00 am
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AnythingIT, Inc. (OTCPK:ANYI) announced a private placement of a convertible promissory note for gross proceeds of $250,000 with new investor Vista Capital Investments, LLC on October 10, 2014. The note was issued at an original issue discount of $25,000. The note carries a one-time fixed interest rate of 12% and is due and payable on the rolling basis maturity date, which is calculated as one year from the initial consideration date and each respective principal payment date. The company is required to repay the total principal amount plus an approximate 9% premium which correlates to the original issue discount. The investor has the option to extend each maturity date, so long as an event of default, or an event that will become an event of default over time, has not occurred and is not occurring on that specific maturity date. Any amount of principal or interest that is due, which is not paid by the maturity date, the interest date will immediately increase to 120% of the outstanding amount. The company may prepay the total outstanding amount due at any time during the 90 day period after the issuance date, at a 150% premium, so long as the notice period 10 business days beforehand by the investor. The note is convertible into common shares of the company at any time on or after the issuance date at a conversion price lower of $0.01 or 60% multiplied by the lowest trade occurring for the common shares during the 25 trading days prior to the relevant notice of conversion price. The fixed conversion price of the company is $0.0004 per share, and accordingly, it will not go lower than that price. The investor does not have the right to convert the note into common shares if such conversion would result in investor's beneficial ownership exceeding 9.99% of our outstanding common shares. The company issued securities pursuant to exemption provided under Regulation D.
On October 15, 2014, the company has agreed to receive an initial funding of $30,000 in cash.
On October 17, 2014, AnythingIT, Inc. closed the transaction.
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.