Gemini Master buys discounted notes with warrants for 150,000 shares
By Devika Patel
Knoxville, Tenn., March 19 – Fresh Healthy Vending International, Inc. sold a $375,000 original issue discount promissory note to Gemini Master Fund, Ltd. on March 13, according to an 8-K filed Thursday with the Securities and Exchange Commission. The company received $350,000.
The 12% note matures in 90 days.
Gemini also received warrants for 150,000 shares. The warrants are each exercisable at $0.60, an 11.11% premium to the March 12 closing share price of $0.54.
Proceeds will be used for general working capital purposes.
The franchisor of healthy drinks and snack vending machines is based in San Diego.
| Issuer: | Fresh Healthy Vending International, Inc.
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| Issue: | Original issue discount promissory note
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| Amount: | $375,000
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| Maturity: | 90 days
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| Price: | $350,000
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| Coupon: | 12%
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| Warrants: | For 150,000 shares
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| Warrant strike price: | $0.60
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| Investor: | Gemini Master Fund, Ltd.
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| Settlement date: | March 13
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| Stock symbol: | OTCBB: VEND
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| Stock price: | $0.54 at close March 12
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| Market capitalization: | $13.33 million
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