Company sells 8% original issue discount notes to two investors
By Marisa Wong
Madison, Wis., April 15 – HydroPhi Technologies Group, Inc. sold two 8% convertible notes totaling $201,666.30 on Wednesday, according to an 8-K filing with the Securities and Exchange Commission.
Under purchase agreements dated April 9, Magna Equities II, LLC and Riverside Merchant Partners, LLC each purchased a $100,833.15 convertible note for the cash purchase amount of $91,666.50.
Each note will mature on Oct. 9, 2016.
The notes are convertible at $0.15 per share beginning six months after issuance. The conversion price is a 1400% premium to the April 8 closing share price of $0.01.
The developer of water-based hydrogen fuel production systems is based Doraville, Ga.
| Issuer: | HydroPhi Technologies Group, Inc.
|
| Issue: | Convertible promissory notes
|
| Amount: | $201,666.30
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| Maturity: | Oct. 9, 2016
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| Price: | $183,333
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| Coupon: | 8%
|
| Warrants: | No
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| Investors: | Magna Equities II, LLC and Riverside Merchant Partners, LLC
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| Pricing date: | April 9
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| Settlement date: | April 15
|
| Stock symbol: | OTCBB: HPTG
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| Stock price: | $0.01 at close April 8
|
| Market capitalization: | $1.13 million
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