Naked Brand cuts conversion price of convertible promissory notes

Company also revises exercise price, term length of related warrants

By Devika Patel

Knoxville, Tenn., July 29 - Naked Brand Group Inc. amended some convertible promissory notes and warrants on July 22, according to an 8-K filed Monday with the Securities and Exchange Commission. The 12% notes, which are due Aug. 16, 2014, were issued in an Aug. 10, 2012 private placement facilitated by Kalamalka Partners Ltd.

The company amended the notes to reduce the conversion price to $0.50 from $0.75.

The company also amended the warrants so that 50,000 are exercisable at $0.25 until Aug. 10, 2017, 150,000 are exercisable at $0.25 until Aug. 10, 2018, 100,000 are exercisable at $0.50 until Aug. 10, 2018, 400,000 are exercisable at $0.25 until Aug. 10, 2017, 48,000 are exercisable at $0.25 until Aug. 10, 2017, and 500,000 are exercisable at $0.50 until Aug. 10, 2017.

The undergarment manufacturer for men is based in Abbotsford, B.C.

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