8% nine-month convertible note was sold to lone investor KBM Worldwide
By Devika Patel
Knoxville, Tenn., June 3 - iHookup Social, Inc. settled a $53,000 private placement of a convertible note with KBM Worldwide Inc. on May 29, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The deal priced on May 22.
The nine-month 8% note is convertible into common shares at 55% of the average of the three lowest closing bid prices of the common stock during the 10 trading days preceding the conversion. It is redeemable at prices ranging from 110 to 135.
The mobile social platform is based in Campbell, Calif.
| Issuer: | iHookup Social, Inc.
|
| Issue: | Convertible note
|
| Amount: | $53,000
|
| Maturity: | Nine months
|
| Coupon: | 8%
|
| Conversion price: | 55% of the average of the three lowest closing bid prices of the common stock during the 10 trading days preceding the conversion
|
| Call: | At prices ranging from 110 to 135
|
| Warrants: | No
|
| Investor: | KBM Worldwide Inc.
|
| Announcement date: | June 3
|
| Pricing date: | May 22
|
| Settlement date: | May 29
|
| Stock symbol: | OTCBB: TFERD
|
| Stock price: | $0.06 at close on June 2
|
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