By Laura Lutz
Des Moines, Sept. 21 - Hartville Group, Inc. raised $2 million from a private placement of discounted secured convertible debentures and warrants.
Hartville issued $2.53 million principal amount of the debentures and warrants for 16,877,638 shares to some existing shareholders of the company.
The debentures mature in September 2010.
Of the principal amount, $531,645.50 is allocated to prepaid interest equal to 7% per year.
The debentures will be convertible at $0.15 per share.
The investors also received warrants for 16,877,638 shares, exercisable at $0.15 per share for four years.
Based in Canton, Ohio, Hartville Group is a pet insurance company.
| Issuer: | Hartville Group, Inc.
|
| Issue: | Secured convertible debentures
|
| Principal amount: | $2,531,645.50
|
| Proceeds: | $2 million
|
| Maturity: | September 2010
|
| Coupon: | 7% (prepaid and included in principal amount)
|
| Price: | 79
|
| Conversion price: | $0.15
|
| Warrants: | For 16,877,638 shares
|
| Warrant expiration: | Four years
|
| Warrant strike price: | $0.15
|
| Pricing date: | Sept. 17
|
| Stock symbol: | OTCBB: HTVL
|
| Stock price: | $0.09 at close Sept. 17
|
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