Deal sells six 8% convertibles due September 2014 to two investors
By Devika Patel
Knoxville, Tenn., Jan. 8 - Naked Brand Group Inc. sold $150,000 of convertible notes in a private placement with two investors on Dec. 23, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The notes were issued in six tranches of $25,000 each.
The 8% notes mature on Sept. 23, 2014. The notes will convert to common shares at 55% of the average of the two lowest closing bid prices of the stock for the 10 trading days preceding conversion. The company may redeem the notes in the first three months at prices ranging from 115 to 140.
The men's undergarment manufacturer is based in Abbotsford, B.C.
| Issuer: | Naked Brand Group Inc.
|
| Issue: | Convertible promissory notes, 200,000 common shares
|
| Amount: | $150,000
|
| Maturity: | Sept. 23, 2014
|
| Coupon: | 8%
|
| Conversion price: | 55% of the average of the two lowest closing bid prices of the stock for the 10 trading days preceding conversion
|
| Call: | At 115 to 140
|
| Warrants: | No
|
| Settlement date: | Dec. 23
|
| Stock symbol: | OTCBB: NAKD
|
| Stock price: | $0.12 at close Dec. 20
|
| Market capitalization: | $3.74 million
|
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