House of Brussels reduces conversion price on first $100,000 in convertible notes held by Laurus

By Sheri Kasprzak

New York, May 17 - House of Brussels Chocolates Inc. has lowered the conversion price on the first $100,000 of $3.5 million in secured convertible minimum borrowing notes held by Laurus Master Fund, Ltd.

The first $100,000 in principal of notes first issued to Laurus in March 2005 will now be convertible into common shares at $0.41, dropped from $0.88.

The notes, issued on March 29, 2005, bear interest at Prime rate plus 200 basis points and are due in 2008.

Based in Houston, House of Brussels is a chocolate manufacturing company. It plans to use the proceeds from the offering for its operations.

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