Company sells 18-month convertible debentures with five-year warrants
By Devika Patel
Knoxville, Tenn., April 6 – Vapir Enterprises Inc. settled a $500,000 private placement of convertible debentures on April 3, according to an 8-K filed Monday with the Securities and Exchange Commission.
The 6% debentures are convertible into common shares at $0.50 per share, which is a 93.33% discount to the April 3 closing share price of $7.50. The notes mature Oct. 3, 2016.
Investors also received warrants for 500,000 common shares. Each warrant is exercisable at $0.60 for five years. The strike price is a 92% discount to the April 3 closing share price.
The San Jose, Calif., company develops digital aromatherapy devices.
| Issuer: | Vapir Enterprises Inc.
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| Issue: | Convertible debentures
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| Amount: | $500,000
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| Maturity: | Oct. 3, 2016
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| Coupon: | 6%
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| Conversion price: | $0.50
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| Warrants: | For 500,000 shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $0.60
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| Settlement date: | April 3
|
| Stock symbol: | OTCBB: VAPI
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| Stock price: | $7.50 at close April 3
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| Market capitalization: | $195.54 million
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