New York, May 25 - Dragon International Group Corp. is planning to sell up to $2.5 million of units made up of secured convertible debentures and common stock purchase warrants, according to a 10-QSB filing Tuesday with the Securities and Exchange Commission.
Under the offering, the company will sell up to 25 units at a price of $100,000 per unit.
The convertible debentures will have a principal amount of $100,000 and pay interest at 8%.
Each unit will also include 200,000 warrants to buy stock at $0.30 per share up to July 1, 2010.
As of the date of filing the SEC report, the Ningbo, China-based packaging manufacturer had not sold any units.
| Issuer: | Dragon International Group Corp.
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| Issue: | Units of secured convertible debentures and common stock purchase warrants
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| Amount: | $2.5 million
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| Quantity: | 25 units
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| Price: | $100,000
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| Coupon: | 8%
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| Warrants: | For 5 million shares
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| Warrant strike price: | $0.30
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| Warrant term: | July 1, 2010
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| Announcement date: | May 24
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| Stock price: | $0.38 at close May 24
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