Plans to Use Proceeds to Launch Line of Men’s Health Supplements
NEW YORK–(BUSINESS WIRE)–Sport Endurance, Inc. (OTCQB:SENZ) (the “Company”) announced it has
issued Senior Secured Convertible Notes (the “Notes”) to institutional
lenders (the “Lenders”) for an aggregate principal amount of $440,000
(including a 3.5% original issue discount) in accordance with the terms
of a Securities Purchase Agreement (the “Agreement”).
“This is an important step toward executing our direct to consumer
supplement marketing strategy, and I look forward to communicating more
milestones to our shareholders,” said Sport Endurance CEO, David Lelong.
The Notes bear interest at 10% per annum, can be pre-paid at a premium,
and mature six months from issuance. At the option of the Lenders, the
principal and accrued interest under the Notes are convertible into
Shares at $0.50 per share.
The Notes are secured by a first lien on all assets of the Company. The
Lenders did not receive any registration rights which means that all
Shares including those issuable upon conversion of the Notes must be
held for at least six months.
The Lenders also received 200,000 shares of restricted Common Stock of
the Company (the “Shares”).
The proceeds from the financing will be used for: (i) launching an
enhanced line of men’s health nutritional supplements; and (ii) working
About Sport Endurance, Inc.
Sport Endurance, Inc. plans to market and distribute quality dietary
supplement products throughout the United States. We believe that
improved health contributes to and promotes a higher quality of life.
It’s our goal to improve health by providing quality and effective
nutritional supplements for an aging population. Our primary focus is on
three areas of health that most directly impact the lives of most
adults: Total Wellness, Energy, and Sleep.
Sport Endurance, Inc.
David Lelong, 646-846-4280