8% note due 2017 convertible at 90% of market value, floor of $0.15
By Toni Weeks
San Luis Obispo, Calif., April 28 - Vapor Hub Internatioanl Inc. and subsidiaries Vapor Hub Inc. and Delite Products, Inc. sold a $200,000 convertible note to a single investor on April 10, according to an 8-K filed Monday with the Securities and Exchange Commission.
The 8% note matures April 10, 2017 and is convertible at any time at a conversion rate of 90% of the fair market value of the company's common stock at the time of conversion, with a conversion floor of $0.15 per share.
The note may be prepaid.
The online and retail distributor of electronic cigarettes is based in Simi Valley, Calif.
| Issuer: | Vapor Hub International Inc.
|
| Issue: | Convertible note
|
| Amount: | $200,000
|
| Maturity: | April 10, 2017
|
| Coupon: | 8%
|
| Conversion rate: | 90% of the fair market value of the company's common stock at time of conversion, floor of $0.15 per share
|
| Call: | Yes
|
| Warrants: | No
|
| Settlement date: | April 10
|
| Stock symbol: | OTCBB: VHUB
|
| Stock price: | $0.825 at close April 9
|
| Market capitalization: | $33.96 million
|
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