HydroPhi sells $385,000 of its convertibles for $350,000 in placement

Company sells 8% original issue discount convertible notes to 31 Group

By Devika Patel

Knoxville, Tenn., Dec. 9 – HydroPhi Technologies Group, Inc. settled a private placement of $385,000 of convertible notes with 31 Group, LLC on Dec. 8, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The deal, which priced on Dec. 4, raised $350,000 with an original issue discount of $35,000, and the investor may buy $275,000 more of notes for $250,000.

The 8% notes are due May 17, 2016 and will convert to common shares.

The developer of water-based hydrogen-fuel production systems is based in Doraville, Ga.

Issuer:	HydroPhi Technologies Group, Inc.
Issue:	Convertible notes
Amount:	$385,000
Maturity:	May 17, 2016
Price:	$35,000 discount ($350,000)
Coupon:	8%
Warrants:	No
Investor:	31 Group, LLC
Pricing date:	Dec. 4
Settlement date:	Dec. 8
Stock symbol:	OTCBB: HPTG
Stock price:	$0.01 at close Dec. 3
Market capitalization:	$1.32 million

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