Offering sells 8% nine-month convertible note to Auctus Private Equity
By Devika Patel
Knoxville, Tenn., May 16 - iHookup Social, Inc. completed a $35,000 private placement of a convertible note with Auctus Private Equity Fund, LLC on May 9, according to an 8-K filed Friday with the Securities and Exchange Commission.
The nine-month 8% note is convertible into common shares at 55% of the average of the two lowest closing bid prices for the stock during the 25 trading days preceding conversion.
The mobile social platform is based in Campbell, Calif.
| Issuer: | iHookup Social, Inc.
|
| Issue: | Convertible note
|
| Amount: | $35,000
|
| Maturity: | Nine months
|
| Coupon: | 8%
|
| Conversion price: | 55% of the average of the two lowest closing bid prices for the stock during the 25 trading days preceding conversion
|
| Warrants: | No
|
| Investor: | Auctus Private Equity Fund, LLC
|
| Announcement date: | May 16
|
| Settlement date: | May 9
|
| Stock symbol: | OTCBB: TFERD
|
| Stock price: | $0.09 at close on May 15
|
| Market capitalization: | $3.79 million
|
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