Company sells 12% convertible due March 27, 2015 in private placement
By Devika Patel
Knoxville, Tenn., Aug. 27 – High Performance Beverages Co. sold a $160,000 convertible debenture for $150,000 in a private placement on Aug. 27, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The 12% debenture is convertible into common shares at a conversion price equal to the lesser of $0.01 or 60% of the lowest intra-day trade price during the 25 trading days preceding the conversion date. The debenture matures on March 27, 2015.
The lone investor was paid $10,000 in legal fees.
The Cave Creek, Ariz., company manufactures and distributes a line of sport performance beverages.
| Issuer: | High Performance Beverages Co.
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| Issue: | Convertible debenture
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| Amount: | $160,000
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| Maturity: | March 27, 2015
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| Price: | $150,000
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| Coupon: | 12%
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| Conversion price: | The lesser of $0.01 or 60% of the lowest intra-day trade price during the 25 trading days preceding the conversion date
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| Warrants: | No
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| Fees: | $10,000
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| Settlement date: | Aug. 27
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| Stock symbol: | OTCBB: TBEV
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| Market capitalization: | $412,180
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