House of Brussels gets deferral on principal payments on convertible term note, reduces conversion price

By Sheri Kasprzak

New York, Feb. 8 - House of Brussels Chocolates Inc. said it has received a deferral on principal payments on a $3.5 million convertible term note held by Laurus Master Fund, Ltd.

Laurus agreed to defer principal payments of $109,375 each for December 2005, January 2006 and February 2006 until maturity on March 9, 2008.

House of Brussels also lowered the conversion price on the first $500,000 in principal of the notes to $0.35 from $0.88 each.

The notes bear interest at Prime rate plus 200 basis points.

Laurus first purchased the notes on May 9, 2005.

Based in Houston, House of Brussels is a chocolate manufacturing company. It plans to use the proceeds from the offering for its operations.

The company's stock lost 2 cents to close at $0.57 Wednesday (OTCBB: HBSL).

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.