HydroPhi Technologies issues $660,000 of convertibles for $600,000

Company sells 8% original issue discount convertible notes to 31 Group

By Devika Patel

Knoxville, Tenn., Feb. 9 – HydroPhi Technologies Group, Inc. sold $275,000 of convertible promissory notes to 31 Group, LLC in a $250,000 private placement on Feb. 5, according to an 8-K filed Friday with the Securities and Exchange Commission. The deal, which priced on Dec. 4, raised $350,000 with an original issue discount of $35,000 on Dec. 8, for a first-tranche note of $385,000.

The 8% first-tranche notes are due May 17, 2016, and the 8% second-tranche notes mature on July 30, 2016. The notes will convert to common shares.

The developer of water-based hydrogen fuel production systems is based Doraville, Ga.

Issuer:	HydroPhi Technologies Group, Inc.
Issue:	Convertible promissory notes
Amount:	$660,000
Maturity:	May 17, 2016, July 30, 2016
Price:	$60,000 discount ($600,000)
Coupon:	8%
Warrants:	No
Investor:	31 Group, LLC
Pricing date:	Feb. 4
Settlement date:	Dec. 8 (for $385,000), Feb. 5 (for $275,000)
Stock symbol:	OTCBB: HPTG
Stock price:	$0.01 at close Feb. 3
Market capitalization:	$2.9 million

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