Company sells 8% convertibles due May 21, 2014 in private offering
By Devika Patel
Knoxville, Tenn., Aug. 29 - Dethrone Royalty Holdings, Inc. settled a $42,500 convertible note private placement on Aug. 26, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The 8% note is convertible into common shares at a conversion price equal to 58% of the average of the lowest three closing bid prices of the stock for the 10 trading days preceding the conversion date. The note matures May 21, 2014.
Based in Cave Creek, Ariz., Dethrone markets shirts, shorts, hats and other accessories catering to fans of mixed martial arts.
| Issuer: | Dethrone Royalty Holdings, Inc.
|
| Issue: | Convertible note
|
| Amount: | $42,500
|
| Maturity: | May 21, 2014
|
| Coupon: | 8%
|
| Conversion price: | 58% of the average of the lowest three closing bid prices of the stock for the 10 trading days preceding the conversion date
|
| Warrants: | No
|
| Settlement date: | Aug. 26
|
| Stock symbol: | OTCBB: DRHC
|
| Stock price: | $0.02 at close Aug. 23
|
| Market capitalization: | $1.68 million
|
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