By Sheri Kasprzak
New York, Feb. 20 - Hartville Group, Inc. concluded a $2,531,645 private placement of secured convertible debentures.
The debentures are due Feb. 14, 2010 and are convertible at $0.15 each.
The debentures bear prepaid interest at a rate of 7% annually.
The investors received warrants for 16,877,638 shares, exercisable at $0.15 each through February 2010.
The investors also have the right to purchase up to $2 million in additional principal of the debentures before Dec. 31, 2007.
Based in Canton, Ohio, Hartville Group is a pet insurance company.
| Issuer: | Hartville Group, Inc.
|
| Issue: | Secured convertible debentures
|
| Amount: | $2,531,645
|
| Maturity: | Feb. 14, 2010
|
| Coupon: | 7%
|
| Price: | Par
|
| Yield: | 7%
|
| Conversion price: | $0.15
|
| Warrants: | For 16,877,638 shares
|
| Warrant expiration: | Feb. 14, 2010
|
| Warrant strike price: | $0.15
|
| Settlement date: | Feb. 14
|
| Stock symbol: | OTCBB: HTVL
|
| Stock price: | $0.16 at close Feb. 14
|
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