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United States : NAKED BRAND completes $6 million private placement financing

June 23, 2014



Naked Brand Group Inc. announced the closing of a private placement financing of units for an aggregate amount of approximately $6 million.

The funds raised from the sale of the Units will be used for marketing and new product development and design, as well as general working capital requirements. The gross proceeds were raised through the sale of 246 Units at a price of $25,000 per Unit.

Each Unit consisted of (i) a 6% convertible senior secured debenture in the principal amount of $25,000 and (ii) a warrant to purchase 166,667 common shares of the Company at an exercise price of $0.15 per share, subject to adjustment. The Convertible Debentures are convertible into common shares at a conversion price of $0.075 per share, subject to adjustment, and mature on June 10, 2017.

Interest of 6% per annum is payable quarterly in cash or in kind at the option of the Company. Each Warrant is exercisable until June 10, 2019 and during the 24 months after the closing.


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Source: TendersInfo (India)


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