Published on 6/22/2015 in the Prospect News PIPE Daily.
HydroPhi sells $35,000 of convertibles for $32,500 through placement
Company sells 8% original issue discount notes to two investors
By Devika Patel
Knoxville, Tenn., June 22 – HydroPhi Technologies Group, Inc. issued $35,000 of convertible promissory notes in a $32,500 private placement with two investors on June 18, according to an 8-K filed Monday with the Securities and Exchange Commission. The deal priced on June 17.
The 8% notes are due June 17, 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: | $35,000
|
| Maturity: | June 17, 2016
|
| Price: | $2,500 discount ($32,500)
|
| Coupon: | 8%
|
| Warrants: | No
|
| Settlement date: | June 17
|
| Settlement date: | June 18
|
| Stock symbol: | OTCBB: HPTG
|
| Market capitalization: | $585,820
|
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