By Devika Patel
Knoxville, Tenn., Oct. 27 - Dynamic Resources Corp. said it finalized plans to sell a $3.5 million 4% convertible secured note.
The note will have a four-year term. It is convertible into 29,166,666 shares at $0.12 per share.
Investors also received 21,875,000 warrants. The warrants are exercisable at $0.12 for four years.
Under certain share price performance conditions, Dynamic may adjust the conversion price.
Proceeds will be used to fund ongoing development costs at the company's Sentell Field in Louisiana.
Las Vegas-based Dynamic is an oil and natural gas exploration company.
| Issuer: | Dynamic Resources Corp.
|
| Issue: | Convertible secured note
|
| Amount: | $3.5 million
|
| Maturity: | Four years
|
| Coupon: | 4%
|
| Price: | Par
|
| Yield: | 4%
|
| Conversion price: | $0.12
|
| Conversion ratio: | Into 29,166,666 shares
|
| Warrants: | 21,875,000 warrants
|
| Warrant expiration: | Four years
|
| Warrant strike price: | $0.12
|
| Pricing date: | Oct. 27
|
| Stock symbol: | Pink Sheets: DYRFF
|
| Stock price: | $0.09 at close Oct. 24
|
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