Las Vegas, NV -- (SBWIRE) -- 02/14/2013 -- 22nd Century Group Inc (OTC:XXII) has been successful in strengthening its balance sheet, that was influenced by the debt of more than $3 million during past months. About $1.7 million of debt was due in April from convertible promissory notes.
22nd Century Group sold convertible promissory notes in December 2011 for total of price $1.7 million approximately. However company made an announcement this year on 24th of January for prepaying the notes.
The note holders were having the right to convert their notes to 22nd Century Group’s common stock and warrants to purchase shares of the company within the period of 15 days.
Resultantly more than 90 percent of note holders have converted their notes to company’s common stock. 22nd Century Group has pre-paid the remaining $58,340 to the note holders and showed interest for 6-month note of $58,340.
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