MIAMI LAKES, Fla., Feb. 7, 2012 /PRNewswire/ -- Fuse Science Inc. (OTCQB: DROP) (www.fusescience.com), announced today that on February 7, 2012, it entered into a securities purchase agreement with institutional and accredited high net-worth investors pursuant to which Fuse Science will issue and sell senior convertible notes in the original principal amount of $3,169,359, convertible during their two year term at an initial conversion price of $.21 per share, series A warrants to purchase up to 15,092,190 shares of Fuse's common stock at an initial exercise price of $.26 per share for a five year period after closing and series B warrants to purchase up to 15,092,190 shares of Fuse's common stock at an initial exercise price of $.21 per share for a seven month period after closing.
"We are pleased to announce this progress in our capital raising efforts," said Brian Tuffin, CEO, Fuse Science. "Capital is the key enabler for the aggressive advancement of our stated business strategy and we continue to make progress in this effort with the sole objective of creating long term shareholder value."
The transaction is expected to close when all final conditions are either met or waived.
About Fuse Science Inc.
Fuse Science Inc. (OTCQB: DROP) formerly known as Double Eagle Holdings Ltd., is an innovative consumer products holding company based in Miami Lakes, Florida. Fuse Science is the developer of new, patent-pending technologies poised to redefine how consumers receive energy, medicines, vitamins and minerals. The company has successfully developed and maintains the rights to sublingual and transdermal delivery systems for bioactive agents that can now, for the first time, effectively encapsulate and charge many varying molecules in order to produce complete product formulations which can bypass the gastrointestinal tract and enter the blood stream directly - all in a concentrated "DROP" form that is simply applied under the tongue. The Fuse Science technology is designed to accelerate conveyance of medicines or nutrients relative to traditional pills and liquids and can enhance how consumers receive these products. Information about Fuse Science is available online at www.fusescience.com or by calling 305-503-FUSE (3873).
SOURCE Fuse Science Inc.