Company issues convertible promissory note due March 2016 to Vis Vires
By Devika Patel
Knoxville, Tenn., June 25 – Enhance Skin Products Inc. settled a $43,000 sale of 8% convertible promissory notes with Vis Vires Group, Inc. on June 24, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The convertible is due on March 23, 2016. It converts to common stock at a price equal to 58% of the lowest average three day market price of the stock during the 10 trading days preceding the conversion. The note may be prepaid at prices ranging from 120 to 145.
Proceeds will be used for working capital.
Enhance Skin Products is a Reno, Nev.-based maker of cosmetic products.
| Issuer: | Enhance Skin Products Inc.
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| Issue: | Convertible promissory note
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| Amount: | $43,000
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| Maturity: | March 23, 2016
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| Coupon: | 8%
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| Conversion price: | 58% of the lowest average three day market price of the stock during the 10 trading days preceding the conversion
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| Call: | At prices ranging from 120 to 145
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| Warrants: | No
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| Investor: | Vis Vires Group, Inc.
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| Pricing date: | June 24
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| Stock symbol: | OTCBB: EHSK
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| Stock price: | $0.01 at close June 23
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| Market capitalization: | $1.44 million
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