High Performance Beverages Company (OTCPK:TBEV) announced a private placement of an original 12% convertible promissory note in the principal amount of $110,000 with existing investor, Iconic Holdings, LLC for gross proceeds of $100,000 on September 22, 2016. The note will bear interest at a fixed rate of 12% per annum and will have a term of one year from issuance. The note will be convertible into common shares at a price equal to 60% of the lowest trading price of its common shares during the 10 consecutive trading days prior to the date on which holder elects to convert all or part of the note. The outstanding principal amount of the note shall become at the holder’s electing immediately due an amount equal to 150% of the outstanding principal amount of the note in the event of default. The default rate of interest will be equal to the lower of 22% per annum or the maximum rate permitted by applicable law. The investor will not own more than 9.99% stake in the company upon conversion. The company may prepay the notes. After 180 days from the effective date the note may not be prepaid without written consent from holder. On the same date, High Performance Beverages Company (OTCPK:TBEV) closed the transaction. The company has received $10,000 in the transaction. The note worth $11,000 worth was issued at a discount of $1,000. The note was issued on an original issue discount for due diligence and legal fees related to the note purchase amounting to $1,000. The note issued will mature on September 22, 2017.