Convertible note due July 10, 2015 sold to investor Eastmore Capital
By Devika Patel
Knoxville, Tenn., July 23 – iHookup Social, Inc. settled an $80,000 private placement of a convertible note with Eastmore Capital LLC on July 16, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The deal priced on July 11.
The 12% note is due on July 10, 2015 and is convertible into common shares at a price equal to the lower of the closing price of the stock on the on the trading day preceding settlement and 50% of the lowest sale price for the stock during the 10 consecutive trading days preceding the conversion date. It may be prepaid at $120,000 plus interest.
Eastmore was paid $2,500 for its legal fees and expenses,
The mobile social platform is based in Campbell, Calif.
| Issuer: | iHookup Social, Inc.
|
| Issue: | Convertible note
|
| Amount: | $80,000
|
| Maturity: | July 10, 2015
|
| Coupon: | 12%
|
| Conversion price: | The lower of the closing price of the stock on the on the trading day preceding settlement and 50% of the lowest sale price for the stock during the 10 consecutive trading days preceding the conversion date
|
| Call: | At $120,000 plus interest
|
| Warrants: | No
|
| Investor: | Eastmore Capital LLC
|
| Fees: | $2,500
|
| Announcement date: | July 23
|
| Pricing date: | July 11
|
| Settlement date: | July 16
|
| Stock symbol: | OTCBB: TFERD
|
| Stock price: | $0.06 at close on July 22
|
© 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.
