Published on 5/28/2015 in the Prospect News PIPE Daily.
HydroPhi sells $55,000 of convertibles for $50,000 through placement
Company sells 8% original issue discount notes to two investors
By Devika Patel
Knoxville, Tenn., May 28 – HydroPhi Technologies Group, Inc. issued $55,000 of convertible promissory notes in a $50,000 private placement with two investors on May 27, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The 8% notes are due May 27, 2016 and will convert to common shares at $0.15 per share.
The developer of water-based hydrogen fuel production systems is based Doraville, Ga.
| Issuer: | HydroPhi Technologies Group, Inc.
|
| Issue: | Convertible promissory notes
|
| Amount: | $55,000
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| Maturity: | May 27, 2016
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| Price: | $5,000 discount ($50,000)
|
| Coupon: | 8%
|
| Warrants: | No
|
| Settlement date: | May 27
|
| Stock symbol: | OTCBB: HPTG
|
| Stock price: | $0.01 at close May 26
|
| Market capitalization: | $920,570
|
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