IBC Funds purchases 8% convertible debentures due in one year in deal
By Devika Patel
Knoxville, Tenn., July 8 - Vanity Events Holding, Inc. completed a $20,000 convertible debenture private placement with IBC Funds, LLC on July 2, according to an 8-K filed Monday 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.
Bay Harbor Islands, Fla.-based Vanity Events is a diversified holding company with various lines of business, including www.BuyBorrowOrSell.com, a consumption platform for consumer goods.
| Issuer: | Vanity Events Holding, Inc.
|
| Issue: | Convertible debenture
|
| Amount: | $20,000
|
| 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: | IBC Funds, LLC
|
| Settlement date: | July 2
|
| Stock symbol: | OTCBB: VAEV
|
| Stock price: | $0.44 at close July 1
|
| Market capitalization: | $1.58 million
|
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