Flyback purchases 8% convertibles due 2013 through private placement
By Devika Patel
Knoxville, Tenn., June 6 - Vanity Events Holding, Inc. settled a $150,000 convertible debenture private placement with Flyback LLC on May 30, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The 8% debenture matures in one year and interest is payable at maturity. It is convertible into common stock at a conversion price equal to the lesser of a 90% discount to the average of the closing bid price of the stock during the five trading days preceding the conversion date or the average of the closing bid price per share during the five trading days preceding the conversion date.
Vanity Events is a diversified holding company based in New York.
| Issuer: | Vanity Events Holding, Inc.
|
| Issue: | Convertible debenture
|
| Amount: | $150,000
|
| Maturity: | One year
|
| Coupon: | 8%
|
| Conversion price: | The lesser of a 90% discount to the average of the closing bid price of the stock during the five trading days preceding the conversion date or the average of the closing bid price per share during the five trading days preceding the conversion date
|
| Warrants: | No
|
| Investor: | Flyback LLC
|
| Settlement date: | May 30
|
| Stock symbol: | OTCBB: VAEV
|
| Stock price: | $1.82 at close May 29
|
| Market capitalization: | $2.76 million
|
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