8K filing out Current Report Filing (8-k) http://ih.advfn.com/p.php?pid=nmona&article=63413157&symbol=BLBK Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement. On August 28, 2014 (the “Notice Date”), BOLDFACE Group, Inc., a Nevada corporation (the “Company”), received an event of default redemption notice (the “Redemption Notice”) from Hillair Capital Investments L.P. (the “Investor”).
Pursuant to the Redemption Notice, the Investor is demanding repayment of the principal amounts due under the following debt instruments:
1. the 8% Original Issue Discount Senior Secured Convertible Debenture issued on June 20, 2013, as amended on March 31, 2014, for the principal amount of $174,856.66 (the “Residual Debenture”);
2. the 8% Original Issue Discount Senior Secured Convertible Debenture issued on March 31, 2014 for the principal amount of $1,120,000;
3. the 8% Original Issue Discount Senior Secured Convertible Debenture issued on July 9, 2014 for the principal amount of $317,729.14 (collectively with the Residual Debenture, the “Debentures”);
4. the Secured 8% Promissory Notes issued on July 17, 2014, August 1, 2014, August 5, 2014, August 8, 2014, August 15, 2014, and August 27, 2014; for the collective principal amount of $1,669,000 (the “Promissory Notes”).
As a result of the Company’s failure to meet its repayment obligations pursuant to Section 8(a) of the Residual Debenture, which thereby triggered Sections 8(a)(ii) and (vi) of the Debentures, the Mandatory Default Amount on the Debentures (as defined in the Debentures) is immediately due and payable. In addition, pursuant to Section 2(b) of the Promissory Notes, the outstanding principal amounts of the Promissory Notes are thereby immediately due and payable.
The Redemption Notice calls for immediate repayment in the aggregate amount of $3,765,360.67. The Company is not able to pay the Mandatory Default Amount.