Company sells original issue discount convertibles to JMJ Financial
By Devika Patel
Knoxville, Tenn., June 24- Hangover Joe's Holding Corp. completed a private placement of $500,000 of convertible promissory notes with JMJ Financial on June 19, according to an 8-K filed Monday with the Securities and Exchange Commission. The notes were sold for $450,000, a 10% original issue discount.
The 12% note matures in one year, and is convertible into common stock. The conversion price is equal to the lesser of $0.05 or 70% of the average of the three lowest closing prices in the 25 trading days preceding the conversion.
The Colorado Springs, Colo., company produces hangover recovery products containing antioxidents, vitamins and herbs.
| Issuer: | Hangover Joe's Holding Corp.
|
| Issue: | Convertible promissory note
|
| Amount: | $500,000
|
| Maturity: | One year
|
| Price: | 10% discount ($450,000)
|
| Coupon: | 12%
|
| Conversion price: | The lesser of $0.05 or 70% of the average of the three lowest closing prices in the 25 trading days preceding the conversion
|
| Warrants: | No
|
| Investor: | JMJ Financial
|
| Settlement date: | June 19
|
| Stock symbol: | OTCBB: HJOE
|
| Stock price: | $0.03 at close June 18
|
| Market capitalization: | $3.06 million
|
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