Monthly Archives: August 2014

Hot Business News Today

Youngevity Completes $4.35 Million Convertible Notes For Expanding Coffee Operations

by  •  • 0 Comments

 
 
Youngevity International, Inc. (OTCQX: YGYI), a global direct marketer of nutritional and lifestyle products and also a vertically-integrated producer of gourmet coffees for the commercial, retail and direct sales channels, announced today that it entered into a Note Purchase Agreement (the “Purchase Agreement”) with accredited investors, pursuant to which the Company issued $4.35 million aggregate principal amount of Secured Convertible Notes (the “Notes”) and Warrants to purchase up to 11,185,714 shares of its common stock (the “Warrants”).
The Notes, which mature in July 2019, are convertible into shares of the Company’s common stock at $0.35 cents per share. The Notes are secured by certain assets of the Company’s wholly owned subsidiary, CLR Roasters, LLC, personally guaranteed by the Company’s Chairman and CEO, Stephan Wallach, and bear interest at a rate of 8% per year. The Warrants are exercisable for five years after the closing date of the Purchase Agreement. For each $100,000 of principal amount of Notes, the holder received a warrant to purchase up to 257,143 shares of the Company’s common stock at $0.23 cents per share.
“This capital raise is another milestone for our company and we believe the acquisition of the additional coffee plantation coupled with additional capital

Read more...