Hydrocarb wraps $200,000 convertible short term redeemable note sale

8% note due Sept. 12, 2016 was sold to Darling Capital through deal

By Devika Patel

Knoxville, Tenn., Nov. 23 – Hydrocarb Energy Corp. sold a $200,000 convertible short term cash redeemable note to Darling Capital, LLC on Nov. 17, according to an 8-K filed Monday with the Securities and Exchange Commission.

The 8% note is due Sept. 12, 2016, but the maturity may be extended by nine months. The note converts into common stock at a price equal to the greater of a 40% discount to the lowest closing bid price of the stock during the 15 trading days preceding the conversion and $0.001 per share. The note may be prepaid with penalties ranging from 15% to 45%.

The petroleum exploration company is based in Houston.

Issuer:	Hydrocarb Energy Corp.
Issue:	Convertible short term cash redeemable note
Amount:	$200,000
Maturity:	Sept. 12, 2016, extendible by nine months
Coupon:	8%
Conversion price:	The greater of a 40% discount to the lowest closing bid price of the stock during the 15 trading days preceding the conversion and $0.001 per share
Call:	Yes, penalties ranging from 15% to 45%
Warrants:	No
Investor:	Darling Capital, LLC
Settlement date:	Nov. 17
Stock symbol:	OTCBB: HECC
Stock price:	$1.09 at close Nov. 16
Market capitalization:	$23.05 million

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