Deal sells convertible due July 3, 2015 to investor LG Capital Funding
By Devika Patel
Knoxville, Tenn., July 16 – Hangover Joe’s Holding Corp. settled a $52,500 private placement of convertible notes with LG Capital Funding, LLC on July 10, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The deal priced on July 3.
The 8% note matures on July 3, 2015 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 stock during the 20 trading days preceding the conversion. It may be prepaid at prices ranging from 125 to 150.
The Colorado Springs, Colo., company produces hangover recovery products containing antioxidents, vitamins and herbs.
| Issuer: | Hangover Joe’s Holding Corp.
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| Issue: | Convertible note
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| Amount: | $52,500
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| Maturity: | July 3, 2015
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| Coupon: | 8%
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| Conversion price: | A 45% discount to the average of the three lowest closing bid prices of the stock during the 20 trading days preceding the conversion
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| Call: | At prices ranging from 125 to 150
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| Warrants: | No
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| Investor: | LG Capital Funding, LLC
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| Pricing date: | July 3
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| Settlement date: | July 10
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| Stock symbol: | OTCBB: HJOE
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| Stock price: | $0.07 at close July 2
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| Market capitalization: | $7.39 million
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