InvestorsHub Logo
Followers 796
Posts 118388
Boards Moderated 0
Alias Born 11/20/2004

Re: None

Wednesday, 04/02/2014 9:33:18 AM

Wednesday, April 02, 2014 9:33:18 AM

Post# of 3033
BLBK news! Gonna fly
Boldface Group Announces Successful Completion of $1.0 Million Bridge Financing from Hillair Capital Investments and Restructuring of 2013 Convertible Notes

SANTA MONICA, Calif., April 2, 2014 /PRNewswire via COMTEX/ -- BOLDFACE Group, Inc. (OTCQB: BLBK), a celebrity beauty licensing company focused on top tier entertainment and designer brands for opportunities in the beauty, bath and fragrance markets, announced the investment of $1.0 million by Hillair Capital Investments LP through the sale of the Company's 8% senior secured convertible debentures and five-year warrants to purchase 34.6 million shares. Net proceeds from the offering are to be used for general corporate purposes.
http://photos.prnewswire.com/prnvar/20130715/LA46982LOGO

Concurrent with this investment, the holders of $1.953 million in convertible notes entered into as of June 20, 2013 and August 29, 2013, exchanged their notes and the associated warrants into 3,906 shares of convertible preferred stock.

"We are pleased with Hillair's ongoing support of the Company. We will deploy the funds for working capital purposes, including investing in the ongoing success of Kardashian BeautyTM. As a result of the restructuring, we have reduced our debt by nearly 40% or $0.8 million. We look forward to this next phase of growth for the Company as we continue to streamline operations and focus on key areas of the business," said John LaBonty, the Chief Executive Officer and President of Boldface.

The debentures are to be repaid on August 1, 2015 or earlier if the Company raises additional capital. The debentures convert into the Company's common stock at $0.029 per share. The warrants are exercisable at $0.035 per share.
Join InvestorsHub

Join the InvestorsHub Community

Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.