Deal sells 23-month note to fund general working capital purposes
By Devika Patel
Knoxville, Tenn., Oct. 1 – Hispanica International Delights of America, Inc. completed a $252,500 private placement of a secured convertible promissory note on Sept. 8, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The note is due in 23 months and is convertible into common shares at $3.00 per share.
The conversion price is a 13.21% premium to the Sept. 4 closing share price of $2.65.
Proceeds will be used for general working capital purposes.
The ethnic food and beverages distributor is based in Baldwin, N.Y.
| Issuer: | Hispanica International Delights of America, Inc.
|
| Issue: | Secured convertible promissory note
|
| Amount: | $252,500
|
| Maturity: | 23 months
|
| Conversion price: | $3.00
|
| Conversion premium: | 13.21%
|
| Warrants: | No
|
| Settlement date: | Sept. 8
|
| Stock symbol: | OTCBB: HISP
|
| Stock price: | $2.65 at close on Sept. 4
|
| Market capitalization: | $29.28 million
|
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