By Laura Lutz
Des Moines, Oct. 10 - Victory Divide Mining Co. completed a $21.5 million private placement of series A convertible preferred stock and attached warrants.
The company sold 10,000,000 shares of the series A preferreds for $2.15 each. Each preferred shares is convertible into one common share.
Along with the preferreds, the investors received series A warrants for 10,000,000 common shares; series B warrants for 5,000,000 common shares; series C warrants for 7,801,268 common shares and series D warrants for 3,900,634 common shares.
The investors also received series J warrants for 7,801,268 shares of the company's series B convertible preferred stock.
The series C and D warrants are exercisable only upon the exercise of the series J warrants.
The exercise prices are $2.75 for the series A warrants, $3.50 for the series B warrants, $3.03 for the series C warrants, $3.85 for the series D warrants and $2.37 for the series J warrants.
The series A, B, C and D warrants have a five-year term. The series J warrants are exercisable for 18 months.
Proceeds will be used to accelerate the growth of the business of Heilongjiang Yanglin Soybean Group Co. Ltd., which is controlled by Faith Winner Investments Ltd. Victory Divide announced its acquisition of Faith Winner on Oct. 10.
Based in Heilongjiang, China, Victory Divide specializes in soy products.
| Issuer: | Victory Divide Mining Co.
|
| Issue: | Series A convertible preferred stock
|
| Amount: | $21.5 million
|
| Shares: | 10,000,000
|
| Price: | $2.15
|
| Warrants: | series A warrants for 10,000,000 common shares; series B warrants for 5,000,000 common shares; series C warrants for 7,801,268 common shares; series D warrants for 3,900,634 common shares; series J warrants for 7,801,268 shares
|
| Warrant expiration: | Five years for series A, B, C and D; 18 months for series J
|
| Warrant strike price: | $2.75 for series A; $3.50 for series B; $3.03 for series C; $3.85 for series D; $2.37 for series J
|
| Settlement date: | Oct. 3
|
| Stock symbol: | OTCBB: VCDV
|
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