Vapor Group entered into a private placement convertible note with Hanover Group for $1.2 million. Vapor recently acquired American Vaporizer and plans to use the proceeds to market the e-cigarette product. However, it is going up against much bigger players like Reynolds and Lorillard, who are both getting into the e-cigarette market and have much deeper pockets. The note will also dilute the current shareholders of Vapor Group when it converts in potentially six months.
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