Victory concludes $1.65 million private placement of 6% convertibles

Deal sells notes due Jan. 1, 2014 along with 1,649,999 common shares

By Devika Patel

Knoxville, Tenn., Nov. 7 - Victory Electronic Cigarettes Corp. completed a $1.65 million private placement of 6% convertible notes on Nov. 4, according to an 8-K filed Thursday with the Securities and Exchange Commission.

The notes mature Jan. 1, 2014, and the company may force conversion into 3,300,001 common shares at $0.50 per share, which is a 97.06% discount to the Nov. 1 closing share price of $17.00.

Investors also received 1,649,999 common shares.

The Nunica, Mich., company offers electronic cigarettes.

Issuer:	Victory Electronic Cigarettes Corp.
Issue:	Convertible notes, 1,649,999 common shares
Amount:	$1,650,001
Maturity:	Jan. 1, 2014
Conversion price:	$0.50
Conversion ratio:	Into 3,300,001 shares
Warrants:	No
Settlement date:	Nov. 4
Stock symbol:	OTCBB: ECIG
Stock price:	$17.00 at close Nov. 1
Market capitalization:	$480.1 million

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