Business
No Borders, Inc., Reaches deal that eliminates all remaining variable convertible debt face value of over fifty-three thousand dollars ($53,000).
No Borders, Inc., Reaches deal that eliminates all remaining variable convertible debt face value of over fifty-three thousand dollars ($53,000)..
About this update from No Borders, Inc.
[{"type":"text","content":"No Borders, Inc, (OTC: NBDR), parent company of Lannister Holdings, Inc., has announced that the company has successfully negotiated a deal to convert, cancel, and payoff at significant discounts all of the outstanding variable convertible debt on the company’s books that was held by MJ Holdings Group, Inc.No Borders, Inc. reached an agreement after extensive negotiations with MJ Holdings Group, Inc. to convert a note in the principal amount of thirty-five thousand dollars ($35,000) plus all accrued interest into two million shares of NBDR common stock at a conversion price of ($0.0175) per share, along with a contractual agreement that No Borders, Inc., will not execute a Reverse Split of its common stock within the next 12 months, thereby, canceling the note, preventing future conversions based on variable pricing, and protecting all our shareholders from a reverse split until November 14, 2019. No Borders, Inc., reached an additional agreement to pay off the MJ Holdings Group, Inc.’s eighteen thousand dollar ($18,000) variable conversion note plus all accrued interest for a single cash payment of fifteen thousand dollars ($15,000). These agreements have been fully executed with payment completed.The Company is proud to be able to state to its shareholders that it no longer has any other variable convertible notes outstanding.Of the agreement, Cynthia Tanabe, CFO of No Borders, Inc. says, “We are very happy to have this deal done. As a major shareholder of NBDR, I do not like these kinds of debt structures, and I am very pleased to know that we have reduced future dilution of our company as well as made a written commitment not to execute a Reverse Split of our common stock for the next 12 months. This deal preserves our capital and minimizes future dilution based on convertible debt. This is yet another example of our commitment to running a fiscally responsible, conservative, and lean organization.”The agreements were finalized on 11/14/18.About No Borders, Inc.No Borders, Inc. (OTC: NBDR), through its various subsidiaries and partnerships, aims to generate revenues and value growth by developing, acquiring and delivering products and solutions to clients around the globe. The company focuses on deploying marketing, consulting, E-commerce, technology development and software products in verticals whose existing market partic...