Discounted secured note due November 2015 sold to Duma for $343,000
By Devika Patel
Knoxville, Tenn., July 31 – Hydrocarb Energy Corp. sold a $350,000 convertible secured promissory note to Duma Holdings, LLC on July 16, according to an 8-K filed Friday with the Securities and Exchange Commission. The company raised $343,000, net of an original issue discount of $7,000.
Each subsequent tranche will consist of $85,000 of convertibles, including an original issue discount of $8,500.
The 15% note is due Nov. 30, 2015 and converts into 1.75 units and 350,000 common shares. Each unit consists of 25,000 common shares and $100,000 convertible subordinated promissory notes.
The $100,000 convertibles convert to common stock at $4.00 per share.
The petroleum exploration company is based in Houston.
| Issuer: | Hydrocarb Energy Corp.
|
| Issue: | Convertible secured promissory note
|
| Amount: | $350,000
|
| Maturity: | Nov. 30, 2015
|
| Price: | $343,000
|
| Coupon: | 15%
|
| Warrants: | No
|
| Investor: | Duma Holdings, LLC
|
| Settlement date: | July 16
|
| Stock symbol: | OTCBB: HECC
|
| Stock price: | $1.19 at close July 15
|
| Market capitalization: | $26.61 million
|
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