SportsClub seeks 250k bridge financing.

Sportsclub.com is offering a limited number of value-added angel investors the opportunity to invest in a convertible bridge note financing in advance of the Series A round. The note accrues a 6% annual interest and the principal amount plus the accrued interest will convert into the next equity financing at the Series A price. In addition, each note holder will accrue 5% warrant coverage for each month in which the note is outstanding. The warrants will entitle the investor the right to buy an additional number of Series A shares at a nominal price, hence effectively giving the note holder a 5% discount in the purchase price of the Series A for each 30 day period (or fraction thereof) in which the note is outstanding prior to the close of the Series A. For example, if you invest $50,000 in the note and the note will be outstanding for 122 days (1/3 of a year) you will accrue 2% interest (one third of 6%). Assuming the Series A price will be $1.00 per share, you will receive 50,000 Series A shares on conversion of the note, plus an additional 1,000 (2% of 50K) for the conversion of the accrued interest. In addition, given the note will be outstanding for 122 days, you will receive 25% warrant coverage (5 30-day periods times 5%) to buy 12,500 Series A shares a nominal price. Hence in total you will receive 63,500 Series A shares for your $50,000 investment ($0.787 per share), instead of 50,000 shares ($1.00 per share) a regular investor coming into the Series A will receive. 

For more information please visit:  http://www.netcapital.com/home/portfolio.php?pid=8