By Devika Patel
Knoxville, Tenn., July 23 - Who's Your Daddy, Inc. has negotiated a private placement of 10% convertible promissory notes, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The deal is slated to raise between $300,000 and $1.5 million. The company settled a $300,000 tranche on July 16.
The notes are being sold in units, with each unit consisting of $100,000 in notes and 100,000 common shares.
The notes mature on Jan. 15, 2010. They are convertible into common shares at a price equal to 80% of the volume-weighted average price of the company's shares for the 30 trading days preceding the earlier of the closing of at least $3 million in proceeds of the sale or one year from the initial closing date of the offering.
The conversion price cannot be less than $0.50 per share or greater than $0.75 per share.
Grant Bettingen, Inc. is the agent.
Who's Your Daddy, based in San Diego, develops a line of energy drinks.
| Issuer: | Who's Your Daddy, Inc.
|
| Issue: | Units of $100,000 in convertible promissory notes and 100,000 common shares
|
| Amount: | $300,000 (minimum), $1.5 million (maximum)
|
| Units: | 3 (minimum), 15 (maximum)
|
| Price: | $100,000
|
| Warrants: | No
|
| Agent: | Grant Bettingen, Inc.
|
| Pricing date: | July 16
|
| Settlement date: | July 16 (for $300,000)
|
| Stock symbol: | OTCBB: WYDI
|
| Stock price: | $0.21 at close July 16
|
|
|
| Notes
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| Maturity: | Jan. 15, 2010
|
| Coupon: | 10%
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| Price: | Par of $100,000
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| Yield: | 10%
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| Conversion price: | $0.50 (minimum), $0.75 (maximum), equal to 80% of the volume weighted average price of the company's shares for the 30 trading days preceding the earlier of the closing of at least $3 million in proceeds of the sale or one year from the initial closing date of the offering
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