Senior secured notes due on Jan. 3, 2019; seven-year warrants included
By Devika Patel
Knoxville, Tenn., Aug. 13 – Fuse Science, Inc. settled a $20,000 private placement of 12% senior secured convertible notes with Hudson Bay Master Fund Ltd. on Aug. 8, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The notes are due on Jan. 3, 2019 and convert to common stock at a conversion price equal to the lower of $0.02 and 60% of the average of the lowest weighted average price of the stock for the 60 trading days preceding conversion.
Hudson Bay also received warrants for 6.25 million shares, which are each exercisable at $0.0015 for seven years.
The Miami Lakes, Fla., company has developed the rights to sublingual and transdermal delivery systems for bioactive agents that can encapsulate and charge many varying molecules in order to produce complete product formulations, which can bypass the gastrointestinal tract and enter the bloodstream directly.
| Issuer: | Fuse Science, Inc.
|
| Issue: | Senior secured convertible notes
|
| Amount: | $20,000
|
| Maturity: | Jan. 3, 2019
|
| Coupon: | 12%
|
| Conversion price: | The lower of $0.02 and 60% of the average of the lowest weighted average price of the stock for the 60 trading days preceding conversion
|
| Warrants: | For 6.25 million shares
|
| Warrant expiration: | Seven years
|
| Warrant strike price: | $0.0015
|
| Investor: | Hudson Bay Master Fund Ltd.
|
| Settlement date: | Aug. 8
|
| Stock symbol: | OTCBB: DROP
|
| Market capitalization: | $910,420
|
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