New York, Aug. 18 - Eden Energy Corp. said it has agreed to sell $6.575 million of convertible promissory notes and warrants to institutional investors.
The notes convert at a price of $5.00 per share.
The warrants are exercisable for three years at $6.00 per share. The investors received warrants for half the number of shares that would be issued on conversion of the notes.
Eden, a Vancouver, B.C., oil company will use proceeds to further the development of its projects in Nevada and for working capital.
| Issuer: | Eden Energy Corp.
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| Issue: | Convertible promissory notes
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| Amount: | $6.575 million
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| Conversion price: | $5.00
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| Warrants: | For 657,500 shares
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| Warrant term: | 3 years
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| Warrants strike price: | $6.00
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| Announcement date: | Aug. 18
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| Stock price: | $6.75 at close, Aug. 18
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