Boldface Group, a celebrity beauty licensing company, has announced it has completed $1.5 million in financing on June 20th, 2013.

The company raised $1,500,000 from certain accredited investors, led by an institutional investor, by selling its 8% senior secured convertible notes with a 12% original issue discount and 5-year warrants to purchase approximately 24.7 million share. Net proceeds from the offering are expected to be used for general corporate purposes.

The Notes are convertible into shares of common stock at any time prior to maturity at $0.068 per share and will mature on December 1, 2014.

“We are pleased with the closing of this financing,” said Nicole Ostoya, chief executive officer, Boldface. She continued, “This financing provides the working capital for our company as we enter our second year of operations, following the successful launch of the Kardashian Sisters cosmetics line in over 4,100 stores in the US over the past nine months. This capital will allow the company to develop and market long lasting celebrity brands with international reach.”