Stevia Corp. (OTCPK:STEV) announced that it will raise $180,000 in a round of funding on February 7, 2014. The company will issue convertible corporate debt and option, warrant or other right to acquire another security pursuant to exemption provided under Regulation D. The transaction will include participation from one investor.

On March 3, 2014, the company announced that it has closed the first tranche of the transaction. The transaction included participation from a new institutional investor, Nomis Bay Ltd. for gross proceeds of $940,000. The company will issue an initial senior convertible note, principal amount of $500,000, at a discount of 32% for gross proceeds of $340,000 and an additional senior convertible note for gross proceeds of $600,000 on or prior to the 10th trading day after the effective date of the registration statement. The company will issue securities pursuant to exemption provided under Regulation D. The note bears a coupon of 8% per annum. The additional convertible note will mature on the date that is the 10-month anniversary of the date of issuance of such note. The initial convertible note will mature on December 27, 2014. The note is convertible at any time into shares of the company's common stock at a conversion price equal to the lesser of the product of the arithmetic average of the lowest three volume weighted average prices of the common stock during the 10 consecutive trading days ending and including the trading day immediately preceding the applicable conversion date and 40%, and $0.30.

The additional convertible note will mature on the date that is the 10-month anniversary of the date of issuance of such note. At no time the investor will be entitled to convert any portion of the notes to the extent that after such conversion allows investor to beneficially own more than 4.99% of the outstanding shares of common stock as of such date. The company has the right at any time to redeem all, but not less than all, of the total outstanding amount then remaining under the note in cash at a price equal to 140% of the total amount of such note then outstanding. The company agreed to pay up to $40,000 of reasonable attorneys' fees and expenses incurred by the investor in connection with the transaction, which shall be withheld by the investor from the initial purchase price for the initial convertible note. An additional $20,400 shall be withheld by the investor and will be paid directly to Garden State Securities for acting as a placement agent in the transaction. Also, $36,000 shall be withheld by the investor from the additional purchase price paid for the additional convertible note and will be paid directly to Garden State Securities. The company will also issue warrants to purchase up to 90,667 shares of common stock at an exercise price of $0.30 per share to Garden State Securities. Anthony J. Marsico of Greenberg Traurig, LLP will act as a legal advisor in the transaction.

On the same date, the company issued an initial note to the investor for gross proceeds of $340,000. The company will pay sales commission of $56,400 in the tranche.

On May 16, 2014, the company issued an additional note to the investor for gross proceeds of $600,000. The additional note will mature on March 16, 2015.