iHookup completes $29,500 of $59,000 private placement of convertibles

8% one-year convertible notes sold in two tranches to Union Capital

By Devika Patel

Knoxville, Tenn., May 21 - iHookup Social, Inc. negotiated a $59,000 private placement of convertible secured notes with Union Capital, LLC on May 14, according to an 8-K filed Wednesday with the Securities and Exchange Commission. It raised $29,500 on May 15 and will raise another $29,500 in a second tranche.

The one-year 8% note is convertible into common shares at 55% of the lowest closing bid price in the 15 trading days preceding the conversion. It is redeemable at 150.

The mobile social platform is based in Campbell, Calif.

Issuer:	iHookup Social, Inc.
Issue:	Convertible secured notes
Amount:	$59,000
Maturity:	One year
Coupon:	8%
Conversion price:	55% of the lowest closing bid price in the 15 trading days preceding the conversion
Call:	At 150
Warrants:	No
Investor:	Union Capital, LLC
Announcement date:	May 21
Pricing date:	May 14
Settlement date:	May 15 (for $29,500)
Stock symbol:	OTCBB: TFERD
Stock price:	$0.09 at close on May 20
Market capitalization:	$2 million

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