By Sheri Kasprzak
Atlanta, Nov. 30 - Hartville Group Inc. said Tuesday it has raised $11,038,780 from the private placement of convertible debentures and warrants.
The company sold the debentures Nov. 26. The securities are convertible into common shares at $2.25 or 80% of the average five closing prices immediately before the conversion date. There is a $0.95 floor on the conversion price.
The five-year warrants associated with the deal allow for an additional share at a price determined by dividing 100% of the holder's principal amount of debentures by $2.25. The exercise price is equal to $0.95 and is subject to adjustment.
| Issuer: | Hartville Group Inc.
|
| Issue: | Convertible debentures
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| Amount: | $11,038,780
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| Conversion price: | $2.25 or 80% of the average five closing prices before conversion
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| Warrants: | One warrant per debenture
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| Warrant expiration: | Five years
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| Warrant strike price: | $0.95 (subject to adjustment)
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| Pricing date: | Nov. 11
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| Settlement date: | Nov. 26
|
| Stock price: | $2.24 at close Nov. 11
|
| Stock price: | $2.20 at close Nov. 30
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