Nine-month debt sold to investor VIS Vires Group; notes may be prepaid
By Devika Patel
Knoxville, Tenn., April 27 – iHookup Social, Inc. sold a $43,000 convertible note in a private placement with VIS Vires Group Inc. on April 20, according to an 8-K filed Monday with the Securities and Exchange Commission.
The 8% note is due in nine months and is convertible into common shares at a price equal to 55% of the average of the three lowest closing bid prices of the stock for the 10 trading days preceding conversion. The note may be prepaid at prices ranging from 120 to 140.
VIS Vires also was paid $3,000 in fees.
The mobile social media platform is based in Campbell, Calif.
| Issuer: | iHookup Social, Inc.
|
| Issue: | Convertible note
|
| Amount: | $43,000
|
| Maturity: | Nine months
|
| Coupon: | 8%
|
| Conversion price: | 55% of the average of the three lowest closing bid prices of the stock for the 10 trading days preceding conversion
|
| Call: | At prices ranging from 120 to 140
|
| Investor: | VIS Vires Group Inc,
|
| Fees: | $3,000
|
| Announcement date: | April 27
|
| Settlement date: | April 20
|
| Stock symbol: | OTCBB: HKUP
|
| Stock price: | $0.01 at close on April 17
|
| Market capitalization: | $90,390
|
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