Units each consist of a $25,000 one-year 10% convertible and a warrant
By Devika Patel
Knoxville, Tenn., Dec. 6 - Skinny Nutritional Corp. raised another $50,000 in the second tranche of a $2.5 million private placement of units on Nov. 30, according to an 8-K filed Friday with the Securities and Exchange Commission. The deal is being conducted on a best-efforts basis and raised $250,000 on Nov. 15.
The company is selling units of a $25,000 10% convertible senior subordinated secured note and a warrant. The note is due in one year and is convertible into common shares at $0.03 per share.
Each five-year warrant is exercisable for a number of shares equal to amount of shares into which the note is convertible at $0.05, a 66.67% premium to the Nov. 14 closing share price of $0.03. The conversion price is identical to the Nov. 14 closing price.
Proceeds will be used for working capital and general corporate purposes.
Based in Bala Cynwyd, Pa., Skinny Nutritional markets and distributes bottled water and dietary supplements.
| Issuer: | Skinny Nutritional Corp.
|
| Issue: | Units of a $25,000 convertible senior subordinated secured note and a warrant for a number of shares equal to the amount of shares into which the note is convertible
|
| Amount: | $2.5 million
|
| Maturity: | One year
|
| Coupon: | 10%
|
| Conversion price: | $0.03
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.05
|
| Settlement date: | Nov. 15 (for $250,000), Nov. 30 (for $50,000)
|
| Stock symbol: | OTCBB: SKNY
|
| Stock price: | $0.03 at close Nov. 15
|
| Market capitalization: | $12.18 million
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