8% one-year convertible notes were sold to Union Capital and Adar Bays
By Devika Patel
Knoxville, Tenn., May 15 – Avalanche International Corp. sold a $115,000 8% convertible redeemable note to Union Capital, LLC on May 11 and a $115,000 8% convertible redeemable note to Adar Bays, LLC on May 12, according to an 8-K filed Friday with the Securities and Exchange Commission.
The one-year convertibles are due on May 11, 2016 and May 12, 2016. The notes are convertible into common stock at a conversion price equal to 60% of the lowest reported trading price of the stock during the 20 trading days preceding and including the conversion date.
The notes may be prepaid with penalties.
The company paid $30,000 of expenses and fees with the placements.
Each investor also received a $115,000 convertible, identical to the notes sold in the placements, that offsets a $115,000 collateralized secured promissory note.
The Las Vegas development-stage company was formed to distribute crystallized glass tile. It has since acquired intellectual property, knowhow, product and capability from a manufacturer and distributor of vape liquid and vape accessories.
| Issuer: | Avalanche International Corp.
|
| Issue: | Convertible redeemable note
|
| Amount: | $230,000
|
| Maturity: | One year, May 11, 2016 and May 12, 2016
|
| Coupon: | 8%
|
| Conversion price: | 60% of the lowest reported trading price of the stock during the 20 trading days preceding and including the conversion date
|
| Call: | Yes
|
| Warrants: | No
|
| Investors: | Union Capital, LLC (for $115,000), Adar Bays, LLC (for $115,000)
|
| Fees: | $30,000
|
| Settlement dates: | May 11 (for $115,000), May 12 (for $115,000)
|
| Stock symbol: | OTCBB: TFER
|
| Market capitalization: | $102,810
|
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