Company sells convertibles with 60% warrant coverage via Jan. 3 deal
By Devika Patel
Knoxville, Tenn., Jan. 8 - Giggles N Hugs Inc. completed a $50,000 private placement of convertible debentures on Jan. 3, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The debenture is convertible into common shares at $0.37 per share, which is a 94.74% premium to the Jan. 2 closing share price of $0.19.
Investors also received 60% warrant coverage. Each warrant is exercisable between $0.25 and $0.37 per share.
Based in Los Angeles, the company owns and operates a kid-friendly restaurant named Giggles N Hugs.
| Issuer: | Giggles N Hugs Inc.
|
| Issue: | Convertible debentures
|
| Amount: | $50,000
|
| Conversion price: | $0.37
|
| Warrants: | 60% coverage
|
| Warrant strike price: | Between $0.25 and $0.37 per share
|
| Pricing date: | Jan. 3
|
| Stock symbol: | OTCBB: GIGL
|
| Stock price: | $0.19 at close Jan. 2
|
| Market capitalization: | $4.61 million
|
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