Company may raise up to $500,000 in original issue discount notes sale
By Devika Patel
Knoxville, Tenn., Nov. 19 - Naked Brand Group Inc. sold a $100,000 convertible promissory note for $90,000 in a private placement on Nov. 13, according to an 8-K filed Tuesday with the Securities and Exchange Commission. The note was sold with a 10% original issue discount, and the company may sell up to $500,000 of the notes.
The notes mature in two years. They will convert into common shares at the lesser of $0.265 or 60% of the lowest trade price in the 25 trading days preceding a conversion.
The men's undergarment manufacturer is based in Abbotsford, B.C.
| Issuer: | Naked Brand Group Inc.
|
| Issue: | Convertible promissory notes
|
| Amount: | $100,000
|
| Maturity: | Two years
|
| Price: | $90,000 (10% original issue discount)
|
| Conversion price: | The lesser of $0.265 or 60% of the lowest trade price in the 25 trading days preceding a conversion
|
| Warrants: | No
|
| Settlement date: | Nov. 13
|
| Stock symbol: | OTCBB: NAKD
|
| Stock price: | $0.25 at close Nov. 12
|
| Market capitalization: | $8.44 million
|
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