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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Date of Report (date of earliest event reported):
<B>February 7, 2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Fuse Science, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of registrant as specified in charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Nevada</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(State or other jurisdiction of incorporation)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">000-22991</TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 49%; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">87-0460247</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(Commission File Number)</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">(IRS Employer Identification No.)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>6135 N.W. 167<SUP>th</SUP> Street, Suite
E-21, Miami Lakes, Florida 33180</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address of principal executive offices and
zip code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: windowtext 1pt solid; font-weight: bold; text-align: center">(305) 503-3873</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">(Registrant&rsquo;s telephone number including area code)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: windowtext 1pt solid; font-size: 10pt; font-weight: bold; text-align: center"><B>20900 N.E. 30<SUP>th</SUP> Avenue, Eighth Floor, Aventura, Florida 33180</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">Former Name or Former Address (If Changed Since Last Report)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 4%; font-family: Wingdings; text-align: justify">&uml;</TD>
    <TD STYLE="width: 94%; text-align: justify">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 4%; font-family: Wingdings; text-align: justify">&uml;</TD>
    <TD STYLE="width: 94%; text-align: justify">Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 4%; font-family: Wingdings; text-align: justify">&uml;</TD>
    <TD STYLE="width: 94%; text-align: justify">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 4%; font-family: Wingdings; text-align: justify">&uml;</TD>
    <TD STYLE="width: 94%; text-align: justify">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17&nbsp;CFR&nbsp;240.13e&#45;4(c))</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As used in this Current Report on Form 8-K
and unless otherwise indicated, the terms the &ldquo;<B>Company</B>,&rdquo; &ldquo;<B>Fuse,</B>&rdquo; &ldquo;<B>we</B>,&rdquo;
&ldquo;<B>us</B>,&rdquo; and &ldquo;<B>our</B>&rdquo; refer to Fuse Science, Inc., unless the context requires otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 1.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entry
Into a Material Definitive Agreement.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The disclosure set forth below under <B>Item
3.02,</B> <B>Unregistered Sales of Equity Securities </B>is hereby incorporated by reference into this <B>Item 1.01</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Item 3.02.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unregistered
Sales of Equity Securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On February 7, 2012, we entered into
a securities purchase agreement (the &ldquo;<B>Purchase Agreement</B>&rdquo;) with a group of institutional and accredited
investors pursuant to which Fuse issued and sold senior convertible notes (the &ldquo;<B>Notes</B>&rdquo;) in the original
principal amount of $3,169,359, series A warrants to purchase up to 15,092,190 shares of Fuse&rsquo;s common stock
(the &ldquo;<B>Series A Warrants</B>&rdquo;) and series B warrants to purchase up to 15,092,190 shares of Fuse&rsquo;s
common stock (&ldquo;<B>Series B Warrants</B>,&rdquo; and together with the Series A Warrants, collectively,
the &ldquo;<B>Warrants</B>&rdquo;). The transaction closed on February 9, 2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The indebtedness evidenced by the Notes bears
interest at 10% per year, payable quarterly, and matures on the 24<SUP>th</SUP> month anniversary of the closing date. The principal
amount of the Notes will be payable on the maturity date. The Notes may be converted into the Company&rsquo;s common stock, at
the option of the holder, at any time following issuance. The Notes are mandatorily convertible if Fuse&rsquo;s common stock trades
at a level equal to 250% of the Conversion Price (as hereinafter defined) for any twenty (20) consecutive trading days commencing
ten (10) days after the Measurement Period (as defined below). The initial conversion price of the Notes is $0.21, subject to adjustment
as provided in the Notes. On the 26<SUP>th</SUP> trading day after the effective date of the registration statement described below,
the conversion price will be adjusted to the lower of $0.21 or 75% of the average of the volume-weighted average price per share
(&ldquo;<B>VWAPs</B>&rdquo;)<B> </B>during such 25-trading day period (the &ldquo;<B>Measurement Period</B>&rdquo;), provided,
the conversion price shall not be adjusted to lower than $0.12 (as applicable, &ldquo;<B>Conversion Price</B>&rdquo;). The Conversion
Price is also subject to adjustment for stock splits, stock dividends, recapitalizations and similar transactions. Fuse has the
option to pay each interest payment in shares of common stock or a combination of shares and common stock, if certain conditions
are met; provided, that Fuse may, at its option, elect to pay such interest payments solely in cash. The conversion rate applicable
to any interest payment in shares of Fuse&rsquo;s common stock will be the lower of (a)&nbsp;the Conversion Price and (b)&nbsp;a
price equal to 75% of the VWAPs of Fuse&rsquo;s common stock for a ten (10) day period immediately prior to the applicable interest
payment date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the terms of the Series A Warrants,
the holders are entitled to exercise Series A Warrants to purchase up to 15,092,190 shares of Fuse&rsquo;s common stock at an
initial exercise price of $.26 per share during the five-year period beginning on the closing date. Under the terms of the
Series B Warrants, the holders are entitled to exercise the Series B Warrants to purchase up to 15.092.190 shares of
Fuse&rsquo;s common stock at an initial exercise price of $0.26 per share during the seven-month period beginning on the
closing date. At the expiration of the Measurement Period, the exercise price of the Warrants will be adjusted to the lesser
of (a) the then current exercise price and (b)&nbsp;125% (in the case of the Series A Warrants) or 75% (in the case of the
Series&nbsp;B Warrants) of the average of the VWAPs of the Company&rsquo;s common stock during the Measurement
Period, provided the exercise price shall not be adjusted to lower than $0.12 (as applicable, the &ldquo;<B>Exercise
Price</B>&rdquo;). The Exercise Price is also subject to adjustment for stock splits, stock dividends, recapitalizations, and
similar transactions. In connection with the financing, Fuse entered into a registration rights agreement pursuant to which
it agreed to file a registration statement with the Securities and Exchange Commission (with the &ldquo;<B>SEC</B>&rdquo;)
relating to the offer and sale by the investors of the shares of common stock issuable upon conversion of the Notes, issuable
as interest shares and issuable upon exercise of the Warrants. Pursuant to the registration rights agreement, Fuse is
required to file the registration statement within 15 days of the closing date and to use its best efforts for the
registration statement to be declared effective 75 days thereafter (90 days thereafter if the registration statement is
subject to review by the SEC).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a condition to the sale of the securities,
the Company&rsquo;s directors and executive officers, who beneficially own an aggregate of 24,739,900 shares of common stock, entered
into lock-up agreements pursuant to which they agreed not to sell, pledge, hypothecate or otherwise transfer their shares during
the eight (8) month period commencing on the closing date, subject to certain exceptions for estate planning and similar purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The securities were issued pursuant to the
exemption from registration afforded by Section 4(2) of the Securities Act of 1933, as amended and Regulation D thereunder. In
connection with these transactions, Fuse will pay a placement agent fee of $236,000 to National Securities Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Copies of the Purchase Agreement and the forms
of Note, Series A Warrant, Series B Warrant, Registration Rights Agreement and Lock-Up Agreement are attached hereto as Exhibit
10.1, Exhibit 10.2, Exhibit 10.3, Exhibit 10.4, Exhibit 10.5 and Exhibit 10.6, respectively, and are incorporated herein by reference.
The foregoing summaries do not purport to be complete and are qualified in their entirety by reference to such documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; font-weight: bold">Item 9.01.</TD>
    <TD STYLE="width: 90%; font-weight: bold">Financial Statements and Exhibits.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-decoration: underline">Exhibits:</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>10.1</TD>
    <TD>Securities Purchase Agreement</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>10.2</TD>
    <TD>Form of Senior Convertible Note</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>10.3</TD>
    <TD>Form of Series A Warrant</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>10.4</TD>
    <TD>Form of Series B Warrant</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>10.5</TD>
    <TD>Form of Registration Rights Agreement</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>10.6`</TD>
    <TD>Form of Lock-Up Agreement</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold">FUSE SCIENCE, INC.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 44%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Date:&nbsp;&nbsp;February 9, 2012</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: windowtext 1pt solid">/s/&nbsp;Brian Tuffin</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Brian Tuffin</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Its:</TD>
    <TD>Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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{"company-data": {"conformed-name": "Fuse Science, Inc.", "cik": "0000842722", "assigned-sic": "6799", "irs-number": "870460247", "state-of-incorporation": "NV", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-22991", "film-number": "12584498"}, "business-address": {"street1": "6135 NW 167TH STREET", "street2": "#E21", "city": "MIAMI", "state": "FL", "zip": "33015", "phone": "305-503-3873"}, "mail-address": {"street1": "6135 NW 167TH STREET", "street2": "#E21", "city": "MIAMI", "state": "FL", "zip": "33015"}, "former-company": [{"former-conformed-name": "Double Eagle Holdings, Ltd.", "date-changed": "20070123"}, {"former-conformed-name": "ONSPAN NETWORKING INC", "date-changed": "20010214"}, {"former-conformed-name": "NETWORK SYSTEMS INTERNATIONAL INC", "date-changed": "19960516"}]}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (date of earliest event reported):
February 7, 2012
Fuse Science, Inc.
(Exact name of registrant as specified in charter)
Nevada
(State or other jurisdiction of incorporation)
000-22991
87-0460247
(Commission File Number)
(IRS Employer Identification No.)
6135 N.W. 167
th
Street, Suite
E-21, Miami Lakes, Florida 33180
(Address of principal executive offices and
zip code)
(305) 503-3873
(Registrant's telephone number including area code)
20900 N.E. 30
th
Avenue, Eighth Floor, Aventura, Florida 33180
Former Name or Former Address (If Changed Since Last Report)
Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
As used in this Current Report on Form 8-K
and unless otherwise indicated, the terms the "
Company
," "
Fuse,
" "
we
,"
"
us
," and "
our
" refer to Fuse Science, Inc., unless the context requires otherwise.
Item 1.01.         Entry
Into a Material Definitive Agreement.
The disclosure set forth below under
Item
3.02,
Unregistered Sales of Equity Securities
is hereby incorporated by reference into this
Item 1.01
.
Item 3.02.         Unregistered
Sales of Equity Securities.
On February 7, 2012, we entered into
a securities purchase agreement (the "
Purchase Agreement
") with a group of institutional and accredited
investors pursuant to which Fuse issued and sold senior convertible notes (the "
Notes
") in the original
principal amount of $3,169,359, series A warrants to purchase up to 15,092,190 shares of Fuse's common stock
(the "
Series A Warrants
") and series B warrants to purchase up to 15,092,190 shares of Fuse's
common stock ("
Series B Warrants
," and together with the Series A Warrants, collectively,
the "
Warrants
"). The transaction closed on February 9, 2012.
The indebtedness evidenced by the Notes bears
interest at 10% per year, payable quarterly, and matures on the 24
th
month anniversary of the closing date. The principal
amount of the Notes will be payable on the maturity date. The Notes may be converted into the Company's common stock, at
the option of the holder, at any time following issuance. The Notes are mandatorily convertible if Fuse's common stock trades
at a level equal to 250% of the Conversion Price (as hereinafter defined) for any twenty (20) consecutive trading days commencing
ten (10) days after the Measurement Period (as defined below). The initial conversion price of the Notes is $0.21, subject to adjustment
as provided in the Notes. On the 26
th
trading day after the effective date of the registration statement described below,
the conversion price will be adjusted to the lower of $0.21 or 75% of the average of the volume-weighted average price per share
("
VWAPs
")
during such 25-trading day period (the "
Measurement Period
"), provided,
the conversion price shall not be adjusted to lower than $0.12 (as applicable, "
Conversion Price
"). The Conversion
Price is also subject to adjustment for stock splits, stock dividends, recapitalizations and similar transactions. Fuse has the
option to pay each interest payment in shares of common stock or a combination of shares and common stock, if certain conditions
are met; provided, that Fuse may, at its option, elect to pay such interest payments solely in cash. The conversion rate applicable
to any interest payment in shares of Fuse's common stock will be the lower of (a) the Conversion Price and (b) a
price equal to 75% of the VWAPs of Fuse's common stock for a ten (10) day period immediately prior to the applicable interest
payment date.
2
Under the terms of the Series A Warrants,
the holders are entitled to exercise 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 during the five-year period beginning on the closing date. Under the terms of the
Series B Warrants, the holders are entitled to exercise the Series B Warrants to purchase up to 15.092.190 shares of
Fuse's common stock at an initial exercise price of $0.26 per share during the seven-month period beginning on the
closing date. At the expiration of the Measurement Period, the exercise price of the Warrants will be adjusted to the lesser
of (a) the then current exercise price and (b) 125% (in the case of the Series A Warrants) or 75% (in the case of the
Series B Warrants) of the average of the VWAPs of the Company's common stock during the Measurement
Period, provided the exercise price shall not be adjusted to lower than $0.12 (as applicable, the "
Exercise
Price
"). The Exercise Price is also subject to adjustment for stock splits, stock dividends, recapitalizations, and
similar transactions. In connection with the financing, Fuse entered into a registration rights agreement pursuant to which
it agreed to file a registration statement with the Securities and Exchange Commission (with the "
SEC
")
relating to the offer and sale by the investors of the shares of common stock issuable upon conversion of the Notes, issuable
as interest shares and issuable upon exercise of the Warrants. Pursuant to the registration rights agreement, Fuse is
required to file the registration statement within 15 days of the closing date and to use its best efforts for the
registration statement to be declared effective 75 days thereafter (90 days thereafter if the registration statement is
subject to review by the SEC).
As a condition to the sale of the securities,
the Company's directors and executive officers, who beneficially own an aggregate of 24,739,900 shares of common stock, entered
into lock-up agreements pursuant to which they agreed not to sell, pledge, hypothecate or otherwise transfer their shares during
the eight (8) month period commencing on the closing date, subject to certain exceptions for estate planning and similar purposes.
The securities were issued pursuant to the
exemption from registration afforded by Section 4(2) of the Securities Act of 1933, as amended and Regulation D thereunder. In
connection with these transactions, Fuse will pay a placement agent fee of $236,000 to National Securities Corporation.
Copies of the Purchase Agreement and the forms
of Note, Series A Warrant, Series B Warrant, Registration Rights Agreement and Lock-Up Agreement are attached hereto as Exhibit
10.1, Exhibit 10.2, Exhibit 10.3, Exhibit 10.4, Exhibit 10.5 and Exhibit 10.6, respectively, and are incorporated herein by reference.
The foregoing summaries do not purport to be complete and are qualified in their entirety by reference to such documents.
Item 9.01.
Financial Statements and Exhibits.
Exhibits:
10.1
Securities Purchase Agreement
10.2
Form of Senior Convertible Note
10.3
Form of Series A Warrant
10.4
Form of Series B Warrant
10.5
Form of Registration Rights Agreement
10.6`
Form of Lock-Up Agreement
3
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
FUSE SCIENCE, INC.
Date:  February 9, 2012
By:
/s/ Brian Tuffin
Name:
Brian Tuffin
Its:
Chief Executive Officer
4