1% convertible promissory note due April 17, 2015 sold via offering
By Devika Patel
Knoxville, Tenn., Oct. 30 – High Performance Beverages Co. sold $500,000 of convertible promissory notes on Oct. 17, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The 1% note is due on April 17, 2015 and may be converted to common stock at a price equal to 56% of the lowest volume-weighted average price of the stock for the five trading days preceding conversion.
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 promissory note
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Amount: | $500,000
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Maturity: | April 17, 2015
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Coupon: | 1%
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Conversion price: | 56% of the lowest price of the stock for the five trading days preceding conversion
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Warrants: | No
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Settlement date: | Oct. 17
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Stock symbol: | OTCBB: TBEV
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Market capitalization: | $128,810
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