Deal sells convertibles due Oct. 9, 2014 to investor Asher Enterprises
By Devika Patel
Knoxville, Tenn., Jan. 21 - Hangover Joe's Holding Corp. completed a $58,000 private placement of convertible notes with Asher Enterprises, Inc. on Jan. 14, according to an 8-K filed Monday with the Securities and Exchange Commission.
The 8% note matures on Oct. 9, 2014 and is convertible into common stock at a conversion price equal to a 45% discount to the average of the three lowest closing bid prices of the common stock during the 10 trading days preceding the conversion. It may be prepaid at prices ranging from 115 to 140.
The Colorado Springs, Colo., company produces hangover recovery products containing antioxidents, vitamins and herbs.
| Issuer: | Hangover Joe's Holding Corp.
|
| Issue: | Convertible note
|
| Amount: | $58,000
|
| Maturity: | One year
|
| Coupon: | 8%
|
| Conversion price: | A 45% discount to the average of the three lowest closing bid prices of the common stock during the 10 trading days preceding the conversion
|
| Call: | At prices ranging from 115 to 140
|
| Warrants: | No
|
| Investor: | Asher Enterprises, Inc.
|
| Settlement date: | Jan. 14
|
| Stock symbol: | OTCBB: HJOE
|
| Stock price: | $0.03 at close Jan. 13
|
| Market capitalization: | $2.57 million
|
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