10% note converts at to 50% of lowest closing bid price over 15 days
By Devika Patel
Knoxville, Tenn., March 12 - High Performance Beverages Co. sold a $22,000 10% convertible redeemable note on March 6, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The original issue discount note was sold at a $25,000 discount.
The note is due on Feb. 28, 2015 and may be converted to common stock at a price equal to 50% of the lowest closing bid price of the stock for the 15 trading days preceding conversion.
The Cave Creek, Ariz., company manufactures and distributes a line of sport performance beverages.
| Issuer: | High Performance Beverages Co.
|
| Issue: | Convertible redeemable note
|
| Amount: | $22,000
|
| Maturity: | Feb. 28, 2015
|
| Coupon: | 10%
|
| Conversion price: | 50% of the lowest closing bid price of the stock for the 15 trading days preceding conversion
|
| Warrants: | No
|
| Settlement date: | March 6
|
| Stock symbol: | OTCBB: TBEV
|
| Stock price: | $0.01 at close on March 5
|
| Market capitalization: | $607,040
|
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