Deal sells original issue discount note due 2016 to Gemini Master Fund
By Devika Patel
Knoxville, Tenn., April 7 – NuGene International, Inc. completed a private placement of a $275,000 convertible note for $245,000, net of costs and original issue discount, on April 4, according to an 8-K filed Thursday with the Securities and Exchange Commission. The deal with Gemini Master Fund, Ltd. priced on March 30.
The 8% note matures Dec. 31, 2016 and is initially convertible into common stock at $0.70 per share, a 4.48% premium to the March 29 closing share price of $0.67.
The note may be prepaid at 112.
The Irvine, Calif., company develops cosmeceuticals.
| Issuer: | NuGene International, Inc.
|
| Issue: | Convertible note
|
| Amount: | $275,000
|
| Maturity: | Dec. 31, 2016
|
| Price: | $245,000
|
| Coupon: | 8%
|
| Conversion price: | $0.70
|
| Conversion premium: | 4.48%
|
| Call option: | At 112
|
| Warrants: | No
|
| Investor: | Gemini Master Fund, Ltd.
|
| Pricing date: | March 30
|
| Settlement date: | April 4
|
| Stock symbol: | OTCBB: NUGN
|
| Stock price: | $0.67 at close March 29
|
| Market capitalization: | $24.75 million
|
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