Warrants for 2,857,142 shares included; preferreds convert at $0.07
By Devika Patel
Knoxville, Tenn., Jan. 27 - Goldrich Mining Co. completed a $200,000 sale of series B convertible preferred stock on Jan. 23, according to an 8-K filed Monday with the Securities and Exchange Commission.
The company sold 200 preferreds at $1,000 apiece. The preferreds were sold with warrants for 2,857,142 common shares. The warrants are each exercisable at $0.10 for five years. The strike price is a 100% premium to the Jan. 22 closing share price of $0.05.
The preferreds have a fixed conversion price of $0.07 per share, which is a 40% premium to the Jan. 22 closing price.
The Spokane, Wash., company is engaged in the business of acquiring and exploring mineral properties throughout the Americas.
| Issuer: | Goldrich Mining Co.
|
| Issue: | Series B convertible preferred stock
|
| Amount: | $200,000
|
| Preferreds: | 200
|
| Price: | $1,000
|
| Conversion price: | $0.07
|
| Call: | Yes
|
| Warrants: | For 2,857,142 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.10
|
| Settlement date: | Jan. 23
|
| Stock symbol: | OTCBB: GRMC
|
| Stock price: | $0.05 at close Jan. 22
|
| Market capitalization: | $5.06 million
|
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