HydroPhi sells $234,445 of convertibles through $211,000 placement

Company sells 8% original issue discount notes to two investors

By Devika Patel

Knoxville, Tenn., Oct. 6 – HydroPhi Technologies Group, Inc. issued $234,445 of convertible promissory notes to two investors for $211,000 on Aug. 14, Aug. 18 and Sept. 30, according to an 8-K filed Tuesday with the Securities and Exchange Commission.

The 8% notes are due in one year and will convert to common shares at $0.15 per share.

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

Issuer:	HydroPhi Technologies Group, Inc.
Issue:	Convertible promissory notes
Amount:	$234,445
Maturity:	One year
Price:	$211,000, a $23,445 discount
Coupon:	8%
Conversion price:	$0.15
Warrants:	No
Settlement date:	Aug. 14, Aug. 18 and Sept. 30
Stock symbol:	OTCBB: HPTG
Market capitalization:	$266,880

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.