Company sells 10% original issue discount note with five-year warrants
By Devika Patel
Knoxville, Tenn., Dec. 17 – NuGene International, Inc. completed a private placement of a $110,000 convertible note for $100,000 on Dec. 11, according to an 8-K filed Thursday with the Securities and Exchange Commission. The note was sold with a $10,000 original issue discount.
The 10% note matures Dec. 10, 2016 and is convertible into common stock at $0.90 per share, a 28.57% discount to the Dec. 10 closing share price of $1.26.
The note may be prepaid at 120.
The investor also received warrants for 61,111 shares, which are each exercisable at $1.50 for five years. The strike price is a 19.05% premium to the Dec. 10 closing price.
The Irvine, Calif., company develops cosmeceuticals.
| Issuer: | NuGene International, Inc.
|
| Issue: | Convertible note
|
| Amount: | $110,000
|
| Maturity: | Dec. 10, 2016
|
| Price: | $10,000 discount, or $100,000
|
| Coupon: | 10%
|
| Conversion price: | $0.90
|
| Call option: | At 120
|
| Warrants: | For 61,111 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.50
|
| Settlement date: | Dec. 11
|
| Stock symbol: | OTCBB: NUGN
|
| Stock price: | $1.26 at close Dec. 10
|
| Market capitalization: | $52.66 million
|
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