Deal sells original issue discount 10% convertible promissory notes
By Devika Patel
Knoxville, Tenn., Feb. 9 – Electronic Cigarettes International Group, Ltd. sold $263,158 of original issue discount 10% convertible promissory notes in a $250,000 private placement on Feb. 4, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The nine-month notes have an original issue discount of 5%. The notes will initially convert to common shares at $0.14 per share, which is a 180% premium to the Feb. 3 closing share price of $0.05. The note may be prepaid at 105 or 120.
The Spring Lake, Mich., company markets and sells electronic cigarettes.
| Issuer: | Electronic Cigarettes International Group, Ltd.
|
| Issue: | Original issue discount convertible promissory notes
|
| Amount: | $263,158
|
| Maturity: | Nine months
|
| Price: | $250,000
|
| Coupon: | 10%
|
| Conversion price: | $0.14
|
| Conversion premium: | 16.67%
|
| Call: | At 105 or 120
|
| Warrants: | No
|
| Settlement date: | Feb. 4
|
| Stock symbol: | OTCBB: ECIG
|
| Stock price: | $0.05 at close Feb. 3
|
| Market capitalization: | $4.53 million
|
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