Company sells convertibles with 60% warrant coverage in placement
By Devika Patel
Knoxville, Tenn., Dec. 12 - Giggles N Hugs, Inc. completed a $40,000 private placement of convertible debentures on Dec. 6, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The debenture is convertible into common shares at $0.37 per share, which is an 85% premium to the Dec. 5 closing share price of $0.20.
Investors also received 60% warrant coverage. Each warrant is exercisable at between $0.25 and $0.37 per share.
Based in Los Angeles, the company owns and operates a kid-friendly restaurant named Giggles N Hugs.
| Issuer: | Giggles N Hugs, Inc.
|
| Issue: | Convertible debentures
|
| Amount: | $40,000
|
| Conversion price: | $0.37
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| Warrants: | 60% coverage
|
| Warrant strike price: | Between $0.25 and $0.37 per share
|
| Pricing date: | Dec. 6
|
| Stock symbol: | OTCBB: GIGL
|
| Stock price: | $0.20 at close Dec. 5
|
| Market capitalization: | $4.69 million
|
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